Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: ACCRUALS ENTRIES

Bottom of Page

1 to 3 of 3

  1.  
    • CommentAuthorRazzy
    • CommentTimeOct 17th 2009
     
    How will goods taken by the proprietor for personal use be treated in the books .
    Drawings as a foot note under the trial balance be treated in the profit and loss account and also the balance sheet.
    FOR BOTH TRANSACTIONS , I WANT TO KNOW THEIR ENTRIES.
  2.  
    @Razzy If your business makes or buys goods to sell and maintains an inventory, you're entitled to deduct the cost of goods sold from your revenues in computing your taxable income. so, its simple understand what i said here and then query me!
    • CommentAuthorpk
    • CommentTimeDec 20th 2009
     
    For goods withdrawn by propretor for personal use, the following entry will be passed in the books:

    Dr. Owner's Drawing Account
    Cr. Inventory Account


    savin.yakeep@yahoo.com

1 to 3 of 3

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,440 Visitor Testimonials



What's on AccountingCoach.com?