If Mr A withdraws goods of rs 1500 from his business which is not recorded in BOA....
now , it will be recorded as..
(1) withdrawal a/c Dr 1500
to goods on withdrawal 1500
(2) A's capital a/ c Dr 1500
to withdrawal a/c 1500
is this correct? If yes...
then what's about cash entry??
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Journal entry
Replies (3)
Quick Summary
Correct entry is
Mr A capital A/c. Dr. 1500/-
To Purchases A/c. 1500/-
As no cash is involved here that's why no treatment for cash
Mr A capital A/c. Dr. 1500/-
To Purchases A/c. 1500/-
As no cash is involved here that's why no treatment for cash
Yes... I agreed to Mr Tarun Kansal.,
@ Mr CHAITRI SUDHAKARBHAI.,
If You are maintained separately Withdrawal Account (Current Account) then You provide entry to Current Account only as above :
Mr A's Current (capital) A/c. Dr. 1500/-
To Purchases A/c. 1500/-
In case Only maintained Capital Account then provide entry as above :
Mr A's Capital A/c. Dr. 1500/-
To Purchases A/c. 1500/-
@ Mr CHAITRI SUDHAKARBHAI.,
If You are maintained separately Withdrawal Account (Current Account) then You provide entry to Current Account only as above :
Mr A's Current (capital) A/c. Dr. 1500/-
To Purchases A/c. 1500/-
In case Only maintained Capital Account then provide entry as above :
Mr A's Capital A/c. Dr. 1500/-
To Purchases A/c. 1500/-
Ok....thank you
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