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Are the transferring Entries for Profit and Drawings as follows:
Profit: Income Statement Dr
Capital Cr
Drawings: Capital Dr
Drawings Cr
And does drawings and Income Statement Ledger A/c. appears in the General Legder??Waiting for your response..
Sorry – but you are going to have to watch my free lectures, because this is all explained (with examples) in the lectures, and I cannot type them all out here 🙂
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