Journal entries for

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1359 Points Posted on 12 November 2021
journal entries for drawing of good at half of purchase pirce i.e[1000/2= 500] and other half is cash paid
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On 12 November 2021 at 14:12 Report
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Quick Summary
This discussion explains how to create journal entries when an owner withdraws assets from a business. It covers scenarios where drawings are made using goods (at half purchase price) or cash. The correct debit and credit entries for the drawings account, cash account, and purchases account are detailed.

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Master in Accounts & high court Advocate
9620 Points Posted on 12 November 2021

debit drawings account with total amount ( cash + goods worth )

credit cash account

credit purchases account

1 Reply
On 12 November 2021 at 15:21
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1359 Points Posted on 12 November 2021
Owner paid cash to business
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On 12 November 2021 at 15:23
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CA
10436 Points Posted on 12 November 2021
Cash Dr.
To Capital Cr.
1 Reply
On 12 November 2021 at 20:32
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Chartered Accountant
24588 Points Posted on 12 November 2021
Cash a/c dr
to Capital a/c
1 Reply
On 12 November 2021 at 21:29

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