The Statement of Financial Position and Income Statement (part b)
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Where are the descriptions for the terminology Revenue, Purchases and Trading Account at the end of section 4?
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Drawings dont go in the income statement.
Hi there,
Good lecture.
Do drawings go into the income statement?
They’re obviously not the same as wages/salary, but would they go under ‘expenses’?
Thank you
yes they should obviously go under expenses because they are assets of a company withdrawn from it
@buteur, they go in the balance sheet
@buteur, They most certainly DO NOT go into the Statement of Income!
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