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My Question regarding owners drawings.
case1; If owner paid some expenses from his own pocket and
later that amount added to his salary then what adjustment
entries will needed.
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Answer Posted / shashikala jm
There is no issue whether is a owner of a businees as his salary is reflecting in the books of a/c even he is treated as an employee of cource designation may be higher but when he is owing some amount to business then he is a lender to business so business is getting some amount as advance to meet some expenses & repaying it back to him along with his salary so the a/c here is:
owners salary a/c dr-5000
Owners Loans & Advances a/c dr-500
To Cash/Bank A/c-5500.
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