'Drawings' in accounting are for goods and cash, I hear. Can drawings ever be for services, like an owner taking services for himself or herself? If so, what would be the entry in that case?
Owner’s Withdrawals (Drawings) represents that value of cash or non-cash assets taken away from the entity by the owner for personal use. Based on this definition, only asset withdrawals, either cash or non-cash, will be considered as part of the withdrawal account which will then be reported as deduction to the equity balance.But there are instances wherein the Owner of the business availed the services offered by the business for his or her personal accommodation. To illustrate my opinion of this matter, please continue reading.Illustration: The Owner availed a catering services from his catering business for the birthday of his son.Now, the services rendered by the company must be recognized as income/revenue. The company records the following:Dr. Accounts Receivable - xxxCr. Service Revenue - xxxOn the end of the reporting period, as part of the regular accounting procedure of the company, the Owner received a bill for the collection of the amount but he just authorized the Finance officer to report the collectible as part of his withdrawals for him to avoid the outlay of personal cash. The Finance Officer followed and agreed with the instruction and did the following.In order to recognize the claim of the company from the owner/officer/employees of the company, there is a need to reclassify the receivable account from being a Trade Receivable to Due from Officers/Employees. To do this, the following entries was made.To record the reclassification of accounts:Dr. Due from Officers/Employees - xxxCr. Accounts Receivable – xxxAs we have said, withdrawals (drawings) can be non-cash assets, a Receivable account is a Non-Cash Asset. Therefore, dropping the Due from Officers/Employees account by way of withdrawal of the owner is possible. So, the Accountant of the entity made this entry.To recognize the withdrawal of the ownerDr. Owner’s Withdrawal – xxxCr. Due from Officers/Employees – xxxI hope I have helped you. Thank you.
What is drawing in kind in accounting?
Drawings are only a factor in smaller, owner operated (proprietor) businesses. Large companies and corporations will not deal the issue of drawings very often, simply because owners can be quite detached from day to day running of the business.While it easy to account for drawings in a small business such as a bakery, it is impossible for a Microsoft shareholder to simply go into a Microsoft store and take a bundle of cash as drawings! In such cases, owner’s receive money from the business via dividends or a shareholder’s salary.
Lewis dot structure?
Here is a tuitorial link that explains how to make a Lewis dot structure: http://www.chem.lsu.edu/lucid/tutorials/...
When a cash credit account is classified as NPA? How drawing power can be reduced in such an account?
Drawing power is determined having regard to the value of security hypothecated to the bank. It is the market value of the security less the margin as per sanction terms, restricted to the sanctioned limit. The security charged to the bank may be stocks in trade, bills in the process of realisation or receivables. When a bill gets paid or returned unpaid or remain unpaid beyond a normally prescribed cover period as per terms of sanction, the value of security undergoes a change. Similarly when there is addition or removal of stock in trade there is change in value of security charged to bank. Whenever there is a change in value of security the drawing power undergoes a change. There are small value Cash credit accounts with a regular repayment programme. In such cases the DP gets reduced at periodical intervals. Irrespective of the classification of the asset as NPA or otherwise the change in DP(usually reduction in NPA accounts) is effected based on the changes in the value of security charged to Bank. Banks have to make appropriate provisions against NPA accounts. The amount by which the outstanding in the account exceeds the drawing power is treated as clean drawings and is fully provided for in case the account is not otherwise collaterally secured by valuable tangible securities.
What is the lewis structure for SCl6?
Kinda hard to draw dots here, but it would have the S in the middle, with a single bond to 6 Cl atoms arranged like a 6 pointed star. Each Cl atom would then have 3 pairs of dots on the sides away from the bond. For a graphical explanation on how to draw a Lewis structure, I've attached a pair of links.
What is the best free software for drawing chemical structural formulas for a Mac?
A highly rated and used drawing software for mac, pc, and linux is chemdoodle. Although it is a one time pay to use software they offer a free trial for first time users.
Huge accounting question, entire accounting process involved.?
Lisa, If you didn't stop and buy an accounting pad. Draw 2 columns toward the right side of your page. Mark the top of the first column Debit and the Second column Credit "Prepare" journal entries is simply writing "to record" before each of the reasons for the entries. 1. Debit 101 30,000 & 173 150,000 credit 301 180,000 2.Debit 640 2,000 credit 101 2,000 5 Debit 650 2,400 credit 101 2,400 10 Debit 128 7,200 Credit 101 7,200 14 Debit 622 Credit 101 24 Debit 101 credit 401 28 Debit 622 Credit 101 29 Debit 684 credit 101 30 Debit 688 credit 101 31 Debit 302 Credit 101 Unadjusted trial balance should be: Acct 101 Debit 22850 Acct 106 & 124 0 Acct 128 Debit 7200 Acct 173 Debit 150000 Acct 174 & 209 0 Acct 301 Credit 180000 Acct 302 Debit 2,000 Acct 401 Credit 9800 Acct 606 0 Acct 622 Debit 2000 Acct 637 0 Acct 640 Debit 2000 Acct 650 Debit 2400 Acct 684 Debit 950 Acct 688 Debit 400 Acct 901 0 The totals for both the debit and credit columns should be 189,800 Journal entries a. To record expired insurance coverage debit Acct 637 400, Credit acct 128 400 b. to record etc..Debit 124 1525 Credit 650 1525 c. to record etc Debit 606 1500 credit 174 1500 d to record etc Debit 622 100 credit 209 100 e to record etc Debit 106 1150 credit 401 1150 Now you have to add/subtract these from the previous trail balance to get an Adjusted trial balance then you should be able to do the income statement and balance sheet. My brain is now too spent to finish the rest...but you basically have to make journal entries to zero out all of the accounts from 401 to 901, for instance account 640 ends with a debit balance of 2000 you would prepare the entry "to close account ..credit acct 640 2000 and debit account ??? 2000, doing the same thing for all the accounts, my only problem is there is nowhere in that chart of accounts to adjust them into unless they want you to use the L Plume Capitol account and that really wouldn't be right although I guess it's possible for this exercise they may consider it correct.... Hope this helps.. by the way the post closing trial balance Is the balance after you make those last adjustments..