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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 / neha
For EX expense made $1500 from Boss pocket and his salary
is $ 10000.Expense has to be adjust with salary
1) Expenses a/c Dr 1500
Boss a/c Cr 1500
2)Boss a/c Dr 1500
Director salary Dr 10000
Cash/Bank Cr 11500
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / kathiresan
For EX expense made $1500 from Boss pocket and his salary
is $ 10000.Expense has to be adjust with salary
1) Expenses a/c Dr 1500
Boss a/c Cr 1500
2)Boss a/c Dr 1500
Director salary Dr 8500
Cash/Bank Cr 10000
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / shashikala jm
There is no issue whether is a owner of a businees as his salary is reflecting in the books of a/c even he is treated as an employee of cource designation may be higher but when he is owing some amount to business then he is a lender to business so business is getting some amount as advance to meet some expenses & repaying it back to him along with his salary so the a/c here is:
owners salary a/c dr-5000
Owners Loans & Advances a/c dr-500
To Cash/Bank A/c-5500.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / 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???
| Is This Answer Correct ? | 0 Yes | 1 No |
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Audit 
