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Drawings

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Drawings

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by AvatarJohn Moffat.
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  • January 19, 2015 at 12:06 pm #222975
    AvatarTreesha
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    IS Drawings no longer included in the income statement under expenses?

    January 19, 2015 at 2:58 pm #222996
    AvatarJohn Moffat
    Participant
    • Topics: 57
    • Replies: 54839
    • ☆☆☆☆☆

    Drawings are not shown in the Statement of profit or loss (and have never ever been shown there).

    Drawings reduce the amount owed to the owner, but they have no effect on how much profit the business made.

    I do recommend that you watch the free lecture that covers Chapter 2 of the free Lecture Notes.

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