What is the rectified entry when drawings made by proprietor
This query is : Resolved
08 August 2012
What is the rectified entry when drawings made by proprietor is debited to expense a/c?
08 August 2012
Debit Proprietor Capital Account (Drawing Account)
Credit Expenses Account.
If related to previous year, then this is prior period item and credit to P&L
Credit Expenses Account.
If related to previous year, then this is prior period item and credit to P&L
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