:: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Categories >> Accounting >> Accounting AllOther


 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1900)
 Accounting General interview questions  Accounting General Interview Questions (2815)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4365)
journal entry for drawings?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 1

Is This Answer Correct ?    186 Yes 65 No
B.narasimha Rao
# 2
drawings a/c Dr
to purchase(if goods taken)
to cash (if cash withdrown by the owner)
Is This Answer Correct ?    78 Yes 11 No
Gajendra Yadav
# 3
Drwings a/c dr
To cash/Purchases a/c
Is This Answer Correct ?    66 Yes 5 No
# 4
(if drawings made for personal use by owner)
Drawing a/c-Dr
to cash a/c-cr

(if goods taken)
Drawing a/c-Dr
to purchases a/c -Cr

(if drawings made from bank for office use)
cash a/c-Dr
to bank a/c-cr
Is This Answer Correct ?    54 Yes 8 No
Neelam Rajesh
# 5
if it's in cash then

drawings a/c Dr.
cash a/c Cr.

if it's in material then

drawings a/c Dr.
purchase a/c Cr.
Is This Answer Correct ?    45 Yes 3 No
Niraj Sharma
# 6
drawings a/c dr
capital a/c dr
to purchase(if goods taken)
To cash(if cash withdrawn/ taken )
Is This Answer Correct ?    67 Yes 26 No
# 7
Drawings A/c Dr.
To Cash/Purchase/Capital/Bank A/c
Is This Answer Correct ?    26 Yes 12 No
Ramakant Agnihotri
# 8
Hi guys sorry for the 12th answer. Following is the clear
explanation for the above question.
Whenever owner utilize the cash from the company the
Journal entry will be
Drawings A/c Dr
To Cash A/c
(Being cash withdrawn from the company)
If he utilize the goods from the company for his personal
use the Journal entry will be
Drawings A/c Dr
To goods A/c
(Being the goods used for his personal)
Is This Answer Correct ?    10 Yes 2 No
Dale Karthik
# 9
My dear Narasimha Rao take care while passing a journal
entry. The natural positions of Drawings are always Debit
and the capital is alweys Credit If any body wants to
decrese the values the natural positions must be reversed.
So the entry will be Drawings has to be debited and credit
entry will be to Bank or cash.According to you Debit entry
is correct,but unnecessarily capital account was raised. Pl
rectify your self

Is This Answer Correct ?    6 Yes 1 No
# 10
Is This Answer Correct ?    4 Yes 0 No

Other Accounting AllOther Interview Questions
  Question Asked @ Answers
what is the accounting entries of travel advance given to employee and settlement entries of same.   2
how many accouting standrs?   3
Expand H M D A   3
what is inflation accounting   1
What do you mean by Investment Banking? HCL 5
Hi friends, Could you please suggest the best institute for SAP CO near ameerpet?   1
What goodwill. HP 1
how to calculate BEP in this problem? Sales Rs.3,00,000 Fixed Exp. Rs. 75,000 Direct Material.Rs.1,00,000 Direct Labour Rs.60,000 Direct exp. RSs.40,000   2
What is BMP in IMS?   2
EXPAND_________TIN   3
fill in the Blanks One Example of external users of accounting information_____   3
What are the ratios (in addition to current ratio) to be considered while preparing CMA data ?   1
For more Accounting AllOther Interview Questions Click Here 

Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
Copyright 2013  All Rights Reserved.   ::