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.
Answers were Sorted based on User's Feedback
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 |
Mr.Jadhike owns a fleet of taxis adn the following information are available from the records maintained b him: 1.Number of taxis 10 2.salary of manager 600pm 3.cost of each taxi 20000 4.salary of cleaner 500pm 5.salary of mechanic 400 pm 6.garage rent 600pm 7.insurance premium 5%pa 8.annual tax 600 per taxi 9.driver salary 200 pm per taxi annual repair 1000 per taxi total life of a taxi is about 200000 kms. a taxi runs in all 3000kms in a month of which 30% it runs empty. Petrol consumption in one litre for 10kms@1.80 per litre. Oil and other are rs 5 per 100 kms calculate the cost of running a taxi per km 5
What is Going Concern, What is Dual Entry , What is Business entity and what are the names of Stock exchanges and currency of some countries, stock market related questions, Exchange rates, Banks and other informations
Short Answer on _________Industry
What is deffered income
Expand -------CTEI
What is intangiable asset?Which contents are to be verified during cheking the Transporters' bills?
What is the difference between income statement & Profit&loss A/c?
you purchase a machinary on a loan what is the joury entry for that and where will you show the the loan amount in balance sheet and show the ledger account?
describ salary statement
Expand ________FDI
what do u mean by CRR?
21 Answers Aircel, EBE, Infosys, State Bank Of India SBI,
Why you want to leave your present job while they offer you with good offer?