stock taken as drawing what should be the accounting entry
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Answer / sekhardatta
drawings A/c Dr
To purchases A\c
(good at cost price(i.e purchases)have been credited)
Is This Answer Correct ? | 19 Yes | 2 No |
Answer / pradeep gunuguntla
Drawings A/c ... Dr
To Purchases A/c
Is This Answer Correct ? | 5 Yes | 4 No |
Answer / patta.mahaboob basha
Drawing A/c DR 0
To Capital A/c
(Being for goods used)
Note:Being it is related to Proprietor A/c
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / keerthana gowda
Drawings A/C.... Dr
To goods or stock A/C
(being goods used for personal purpose)
Is This Answer Correct ? | 0 Yes | 5 No |
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The claim recoverable has been settled with the insurance company for 2000.what is the actual stock lost value? Please give me in calculation.
Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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