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[Debit] Drawings account xxxx
[Credit] Purchases account xxxx
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∙ 10y ago
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What is the general ledger journal entry to write goods taken by the owner from stock?
debit drawingscredit purchases / goods
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
What is the journal entry for bank overdraft taken from any bank?
Debit cash / bankCredit bank overdraft
Is the journal entry of receiving a phone bill an asset or liability?
phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken by business.
How do you warn people with flower allergies that you will have flowers on your tables?
Put a sign on the entry door that they are there and to notify the owner is the flowers need to be taken off.
What is the journal entry for drawings for office use and personal use in accounting?
drawings means cash,goods or services drawn by the owner,investor for self consumption. where interest on drawings means the owner will also pay some interest to the business journal entries are as follows: 1.(if drawings made for personal use by owner) Drawing a/c-Dr to cash a/c-cr 2.(if goods taken) Drawing a/c-Dr to purchases a/c -Cr 3.(if drawings made from bank for office use) cash a/c-Dr to bank a/c-cr 4. if it's in cash then drawings a/c Dr. cash a/c Cr. 5.if it's in material then drawings a/c Dr. purchase a/c Cr. 6.interest on drawings drawings a/c....dr to interest on drawings a/c.....(cr) a) shown on credit side of profit and loss a/c. b)deduct from capital and show on the liabilities side.
What you mean by export?
export", with its grammatical variations and cognate expressions, means taking out of India to a place outside India; "export goods" means any goods which are to be taken out of India to a place outside India; "exporter", in relation to any goods at any time between their entry for export and the time when they are exported, includes any owner or any person holding himself out to be the exporter; the above definations are as per Indian Customs Act
What is sales credit notes?
It is a source document for journal entries to notify that a credit sales has taken plece, i.e sombody(debtors) owe money to the business in return for the goods.
What is accounting treatment of drawings?
Drawing are goods or cash taken from business by the Owner for this personal use. Drawing of goods will be deducted from the amount of purchases in Income statement and also from the Owner's equity in Balance sheet. Drawing of cash will be just deducted from Owner's equity in balance sheet. Opening Capital Add Profit Add Additional Capital Less Drawings (Cash + Goods) -------------------------------------- = Closing Capital
What is the definition of the word replevin?
See link to other question:What is a writ of replevin?
Goods taken by robbery are called?
Stolen goods
