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journal entry for drawings?
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Answer / gajendra yadav
drawings a/c Dr
to purchase(if goods taken)
or
to cash (if cash withdrown by the owner)
| Is This Answer Correct ? | 168 Yes | 25 No |
Answer / satyaki_raju@yahoo.com
Drwings a/c dr
To cash/Purchases a/c
| Is This Answer Correct ? | 119 Yes | 14 No |
Answer / neelam rajesh
(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 ? | 101 Yes | 13 No |
Answer / niraj sharma
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 ? | 60 Yes | 4 No |
Answer / anoj
drawings a/c dr
or
capital a/c dr
to purchase(if goods taken)
To cash(if cash withdrawn/ taken )
| Is This Answer Correct ? | 75 Yes | 35 No |
Drawings A/c Dr.
To Cash/Purchase/Capital/Bank A/c
| Is This Answer Correct ? | 39 Yes | 17 No |
Answer / dale karthik
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(Being cash withdrawn from the company)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 ? | 20 Yes | 5 No |
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
Sankeerthana
www.therealaccountants.com
| Is This Answer Correct ? | 10 Yes | 2 No |
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