Partnership

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2012 drawing is debited in partners capital account ........plz tell the second effect of drawing as per double entry system .....

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 February 2012 Drawings is debit balance is adjusted with Capital is credit balance.

Drawing is some outgoing of cash or non case items from the business to partner`s personal. so second effect will be reduction of such items

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 February 2012 Debit to the partner's capital account and credit to the in which way they made drawing for example: if as cash then to cash a/c; if as cheque then bank a/c; if as goods taken from business for personal use then stock in hand a/c; or any other such.
OM SAI SRI SAI JAI JAI SAI

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