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Departmental accounts

Y in this pic customers account s shown on assets side

Attachments

6be3fc07-d195-4d78-a348-04e9359adda2.jpg


Reetikaa  R

Reetikaa R

CA Foundation

4K+

11-Jan-21 17:26

24

Answers (19)

Best Answer

You are running a business. You sell the goods to Mr. X. He says, I'll pay after 10 days. So, its a receivable for you (i.e. you will receive money from him) Such receivable will be an asset or to be more specific current asset (as the outstanding receivable will be converted into cash within a year)


Deepak Gupta

Deepak Gupta

CA Inter

1K+

11-Jan-21 18:06

What if it s my drawings

You mean to say that if you withdraw goods for personal use from the business? If that is the case, then it will be an addition to your drawings and further reduction in capital. On the other hand, the cost of such goods will be reduced from the purchases a/c in business. Dr. Capital A/c / Drawings A/c (in BS) Cr. Purchases A/c (In Trading A/c)


Deepak Gupta

Deepak Gupta

CA Inter

1K+

11-Jan-21 18:27

In this ques ,it s drawings only ..i don't know y debited

It has to be added to drawings.


Suraj Lakhotia

Suraj Lakhotia

Admin

12-Jan-21 10:20

It has to be added to drawings.

I can't understand wat u r saying sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

12-Jan-21 10:36

It has to be added to drawings.

It should not be a debtor. You should reduce from capital.


Suraj Lakhotia

Suraj Lakhotia

Admin

12-Jan-21 11:37

It should not be a debtor. You should reduce from capital.

Then why s it shown on assets side as customer account sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

12-Jan-21 14:51

Then why s it shown on assets side as customer account sir

The book could have made an error.


Suraj Lakhotia

Suraj Lakhotia

Admin

12-Jan-21 15:27

The book could have made an error.

If I don't add ,balance sheet s not tallying sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

12-Jan-21 16:43

If I don't add ,balance sheet s not tallying sir

Remove debtor from assets. Add that amount to drawings - drawings will be higher to that extent.


Suraj Lakhotia

Suraj Lakhotia

Admin

12-Jan-21 18:48

Remove debtor from assets. Add that amount to drawings - drawings will be higher to that extent.

I ,already subtracted that from capital as drawings


Reetikaa  R

Reetikaa R

CA Foundation

4K+

12-Jan-21 18:53

Remove debtor from assets. Add that amount to drawings - drawings will be higher to that extent.

Sir my ques is if customers account s not shown on assets side ,it s not talling


Reetikaa  R

Reetikaa R

CA Foundation

4K+

12-Jan-21 18:54

Sir my ques is if customers account s not shown on assets side ,it s not talling

Correspondingly did you increase the drawings amount?


Suraj Lakhotia

Suraj Lakhotia

Admin

13-Jan-21 17:37

Correspondingly did you increase the drawings amount?

I subtracted from capital sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

13-Jan-21 21:25

I subtracted from capital sir

Can you share your solution once.


Suraj Lakhotia

Suraj Lakhotia

Admin

15-Jan-21 15:29

Can you share your solution once.

Ques on the left and answer on the right sir

Attachments

976b8d28-f650-4b2f-bc0c-42cbb9f44414.jpg


Reetikaa  R

Reetikaa R

CA Foundation

4K+

15-Jan-21 19:09

Ques on the left and answer on the right sir

That customer's balance is different from the drawings given. You mixed up two different accounts.


Suraj Lakhotia

Suraj Lakhotia

Admin

18-Jan-21 18:00

That customer's balance is different from the drawings given. You mixed up two different accounts.

Yes sir thank u so much sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

18-Jan-21 18:23

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