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Hello Sir,
Thank you for this helpful lecture.
I know that the Statement of Financial position did balance off nicely but I think I was attentive to the lecture and know how did the $ 500 withdrawals come up. But I wanted to know whether this error is going to cause problems later on.
Thank you.
Regards,
PriyaYou were not listening carefully enough. The drawings were 100 and when I changed it to 500 I was simply explaining the sorts of mistakes that the bookkeeper could make.
It will not change – assets (cash) fall, and also liabilities (payables) will fall.
So no change in net assets and therefore no change in capital.John, 🙂
expense account
why income statement entry recorded on the credit side of expense account? can you write double entry for that?
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