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I am confused with Capital Account and Drawings Account.
Please show me "the general Journal Entries" and "Owner's
Equity in Balance Sheet".
(1) The owner increased his investment in the company by
$10,000.
(2) The owner increased his investment in the company by
$10,000.
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Answer Posted / h.r. sreepada bhagi
I answer this question from the view point of a
proprietorship concern:
Capital Account shows the amount of money invested in the
business by the proprietor/proprietrix and shown on the
Liabilities side of the Balance Sheet.
Where as drawings accounts the amount withdrawn by the
proprietor/owner and the balance is shown on the Assets side
of the Balance Sheet. Capital or drawings can be adjusted
and net and excess of money invested over drawings can be
shown on the Liabilities side of the B/S or excess of
drawings over capital on the Assets side of the B/S.
The same thing applies to Partners' Capital and Partner's
Drawings Account.
However there can not be drawings account in a company
registered under the Companies' Act in India or any such Act
in other countries.
| Is This Answer Correct ? | 10 Yes | 6 No |
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