consumption by propretor and paid in cash till cost
This query is : Resolved
05 October 2009
I have this querry that ...a proprietor consumes some articles of the organisation and later on pays for it....will this amount to sale?? he has paid till the cost of the asset..
Is this following accounting treatment correct??
Drawings A/c Dr.
To Purchases A/c
then
Cash A/c Dr.
TO Drawings A/c
or pass the direct entry as Cash To Purchases??
Pls guide in this regard
Regards..
Bonita
Is this following accounting treatment correct??
Drawings A/c Dr.
To Purchases A/c
then
Cash A/c Dr.
TO Drawings A/c
or pass the direct entry as Cash To Purchases??
Pls guide in this regard
Regards..
Bonita
CA. B.SRINIVASULU
(Expert)
05 October 2009
Drawings to Purchases
and
Cash to drawings
will be best method.
and
Cash to drawings
will be best method.
CA CHINTAN AJMERA
(Expert)
05 October 2009
Agree with Expert
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