Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 5 Answers
- 6654 Views
- I also Faced
- E-Mail Answers
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???
| Is This Answer Correct ? | 0 Yes | 1 No |
Post New Answer View All Answers
What was the most chlleging task you face while working in SAP FI/MM and how did you solve?
Give me total Details of payroll calculation, payslip with examples.
when calculating for np% do i include interest or do i take it off
What do you mean by Revenue? does it include the Service Tax,VAT etc., by any chance ?
Expand BFSI
A company produces and sells 12500 units of Commodity X at Rs 50 each. The variable cost of the production is 20 % of selling price. Fixed cost being Rs 100000 per annum. Calculate the PV ratio and BEP if. The selling price is reduced by 5 %. Fixed cost is increased by 2 lacs
Expand-------ANCS
what is OTC derivatives and Depository Trust & Clearing Corporation (DTCC) ?
what is forecast
how enter service bill in the tally and what is the process of service bill. aganst service charge @ 10.3%, sercharge 2% cess 1%
Short Answer on _________________City Compensatory allowance
What was key roles of Cashflow statement and Fund flow statement and Balnsheet..?
What are different types of reports made in tally
Expand---------TDCB
How to enter PO in SAP
