Drawing entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2014
a partner has borrow cash of Rs. 100/-from his capital as drawing from partnership firm .if he has 1000 as capital . what would be the entry.
26 April 2014
Entry in the books of the firm will be,
Respective Partner's Capital A/c. Dr.100
To Cash A/c. Cr.100
Respective Partner's Capital A/c. Dr.100
To Cash A/c. Cr.100
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2014
than u sir,
kidly correct me if i wrong .
capital dr...
to.. drawing a/c
kidly correct me if i wrong .
capital dr...
to.. drawing a/c
28 April 2014
It is wrong.
To the extent of drawings the capital a/c. of that partner is reduced hence we debit his capital account.
And he is drawing in cash hence cash a/c. is credited.
Regards,
Devanand
To the extent of drawings the capital a/c. of that partner is reduced hence we debit his capital account.
And he is drawing in cash hence cash a/c. is credited.
Regards,
Devanand
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