Drawing entry

This query is : Resolved

Bhawani (Querist)
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28 April 2010 in the partnership firm ,which a/c will dr. & cr.against drawing. and when drawing amount return in co. then what will be entry

Rahul Gupta

Rahul Gupta (Expert)
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28 April 2010 In partnership, if no current account of partners are maintained then
For drawings
Partner Capital Account...dr.
To Bank/ cash Account.....Cr.

For Reinvestment
Bank/Cash Account.....Dr.
To Partners Capital Account...Cr

If CURRENT accounts of partners are maintained then
For drawings
Partner Current Account...dr.
To Bank/ cash Account.....Cr.

For Reinvestment
Bank/Cash Account.....Dr.
To Partners Current Account...Cr

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 April 2010 AGREE WITH EXPERT

CA Shiv

CA Shiv (Expert)
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28 April 2010 agree with rahul sir.....Thnaks sir for sharing....

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