Drawings will come in which ac

This query is : Resolved

Report Abuse Follow Query Ask a Query

CA Aditya

CA Aditya (Querist)
Follow

26 June 2010 Hello All,

Drawings will come exactly in which a/c..
I.e Personel or real account

Regards

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

26 June 2010 Personal Account

CA Aditya

CA Aditya (Querist)
Follow

26 June 2010 Thanks Sanjay,

But Personel ac- dr-receiver and cr-giver
Real a/c-- dr-what comes in and cr- what goes out
Drawings means something is taken away by the prpritor.. so it should be the real ac ...

Regards

Upgrade to CAclubindia Pro. Subscribe Now!

CS Richa Sharma

CS Richa Sharma (Expert)
Follow

01 July 2010 I think this will clear ur doubt:-
Classification of Personal Accounts:
(a) Natural personal accounts: It relates to transactions of human beings like Ram, Rita, etc.
(b) Artificial (legal) personal accounts: For business purpose, business entities are treated to have separate entity. They are recognized as persons in the eye of law for dealing with other persons. For example: Government, Companies (private or limited), Clubs, Co-operative societies etc.
(c) Representative personal accounts: These are not in the name of any person or organization but are represented as personal accounts. For example: outstanding liability account or prepaid account, capital account, drawing account.

Message likes : 1 times