My Question regarding owners drawings.
case1; If owner paid some expenses from his own pocket and
later that amount added to his salary then what adjustment
entries will needed.
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Answer Posted / saravanank
Assume owner paid £500 towards business expense, but the company paid salary (£1500)alongwith paid privately amount, right??
1.
Business Expense 500
To Drawings 500
2.
Drawings 1500 (if he is Proprietor)
To Cash/Bank 1500
3.
Director Salaries 1500 (If he is director)
To Cash/Bank 1500
4. This is adjustment entry
DCA/Drawings 500 (If he is director)
To Director salaries 500
5. If he is proprietor and withdraw amount for his works, he is not entitled to claim the same as salary and it is entirely personal and treated as personal drawings. Right???
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