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.
- 5 Answers
- 5297 Views
- I also Faced
- E-Mail Answers
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.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
what is the meaning of (PDD’s, DOD’s, CFR’s,) based on understanding of the business process
Iam selected for final round of interview in IDBI bank for asst. manager post. Can any one help me in knowing what kind of questions will be asked in the interview and how should i prepair?
Hi friends ineed finacial analyst interview question Pls share it
How will we calculate T1, T2 capital in CRR(Cash Reserve Ratio)?
what is cnc machine hour rate? how it is calculated?
If we spend a sum of Rs.10 Lacs towards Processing and Upfront fee for obtaining working capital term loan. can we treat this amount as a deferred revenue expenditure or not
What Question ask in MARKIT Company?
I KNOW THAT INSURANCE CHARGES ON PURCHASE OF VEHILE (LIGHT/HEAVY VEHICLES)HAS BEEN CAPITALISED OR NOT.?
Define `Realisation` Account? Explain the salient features?
deffered tax treatment in financial statements
how to work on CMA form in manufacturing compay as well as how to analysis working capital ?
Aravinda Financiers sanctioned a loan of Rs 250000. A cheque was sent after adjusting processing charges Rs 247250 Pass necessary entry
Expand-------SCAN
What are the legal entities that constitute your business? Does a legal entity have a seperate Federal Tax Id? In which country does a legal entity operate? In which currency does a legal entity operate? When does each legal entity's fiscal year begin?
what is pre post expenses
