Hi

I need some explanation for drawings. I would be grateful for your help.

a) What would be the double entry for Drawings of Inventory (i.e. Less Drawing of inventory from SOCI)?


b) What would be the double entry for Drawings of Capital (i.e. Drawings of capital from SOFP)?


Regards

Stacy

Drawings of inventory would be dr drawings cr sales

normal drawings are dr drawings cr bank or cash depending on how it is paid.

drawings is a sofp account and the sales account is a soci account