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Profit And Drawings

This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.

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September 4, 2016 at 7:40 pm #337763
Xairie
Member
- Topics: 41
- Replies: 42
Hello Sir,
I know it is a bit silly question at this very stage but still i am curious to learn Accounting..
How is Profit and drawings transferred to Capital a/c?
Income statement(Profit) Dr
Capital Cr
Capital Dr
Drawings Cr
Am i correct? Fingers crossed?
September 4, 2016 at 8:00 pm #337765
MikeLittle
Keymaster
- Topics: 27
- Replies: 23303
Income statement(Profit) Dr
Capital Cr
Capital Dr
Drawings Cr
Correct – but this is an F3 question!
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