Qualification > Commerce
Accounting HELP !!!
YNWA:
What is the journal entry for when The owner uses his personal funds for the purchase of business stationery?
contraentry:
it is as good as an introduction of further capital, i guess..
aangel42:
--- Quote from: Almostfreaking on June 06, 2010, 04:52:53 pm ---What is the journal entry for when The owner uses his personal funds for the purchase of business stationery?
--- End quote ---
In a partnership, it would be credited to the partner's current account.
In a sole trader business, it would be credited to the capital account.
In both cases, you'd debit either the Stationery Account, or Office Expenses.
contraentry:
--- Quote from: aangel42 on June 06, 2010, 05:12:24 pm ---KEEPING IN MIND THAT WE HAD QUITE A LOT OF RANDOM JOURNAL ENTRY QUESTIONS IN PAPER 1, DO YOU GUYS THINK WE'LL HAVE A JOURNAL ENTRY QUESTION TOMORROW IN PAPER 2????????
(Do you think we will have to make a Suspense account?)
--- End quote ---
I don't think so, but just go over the suspense account chapter, its better to be prepared...
YNWA:
--- Quote from: aangel42 on June 06, 2010, 05:11:19 pm ---In a partnership, it would be credited to the partner's current account.
In a sole trader business, it would be credited to the capital account.
In both cases, you'd debit either the Stationery Account, or Office Expenses.
--- End quote ---
Thanks a ton!
Also, do you know how the markscheme of the Specimen P1 arrives at the answer of the BRS question? :/
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