Ananya withdrew Rs. 2,000 per month for personal use, recording each transaction as a debit to her drawing account and a credit to her cash account. The journal entry closing the drawing account requires a credit to _ account & debit to _ account.

Drawings & Ananya`s capital respectively

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Ananya`s capital & Drawings respectively

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Drawings & Profit & loss a/c respectively

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Ananya`s capital & profit & loss a/c respectively

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
Drawings & Ananya`s capital respectively

The correct adjusting entry is:

Ananya's Capital A/c Dr. 24,000

To Drawings A/c 24,000

Suggest Corrections

Similar questions

State whether the following statements are True or False.

1) Prepaid insurance is nominal account.
2) Personal transactions of proprietor are recorded in the books of account of business.
3) Every debit has equal and corresponding credit.
4) Loan account is personal account.
5) Drawing account is a real account.
6) Commission received is a nominal account.
7) Outstanding wages is a nominal account.
8) Bank of India is an example of real account.
9) An order placed for the goods, entry is passed/recorded in the book of account.
10 Every transaction has only on effect

Q. For passing an adjustment entry for recording prepaid expenses account is debited and account is credited

Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,___ Account shall be debited & ___ Account shall be credited by Rs 10,000.

Rectify the following errors assuming that a suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were posted to the credit of his account.
(b)	Credit purchases from Rohan Rs 9,000 were posted to the debit of his account as Rs 6,000.
(c)	Goods returned to Rakesh Rs 4,000 were posted to the credit of his account.
(d)	Goods returned from Mahesh Rs 1,000 were posted to the debit of his account as Rs 2,000.
(e)	Cash sales Rs 2,000 were posted to the debit of sales account as Rs 5,000.

Rectify the following errors assuming that a suspense account was opened. Ascertain the difference in trial balance.

(a) Credit sales to Mohan Rs. 7,000 were posted to the credit of his account.

(b) Credit purchase from Rohan Rs. 9,000 were posted to the debit of his account as Rs. 6,000.

(d) Goods returned from Mahesh Rs. 1,000 were posted to the debit of his account as Rs. 2,000.

(e) Cash sales Rs. 2,000 were posted to the debit of sales account as Rs. 5000.

Join BYJU'S Learning Program

Ananya withdrew Rs. 2,000 per month for personal use, recording each transaction as a debit to her drawing account and a credit to her cash account. The journal entry closing the drawing account requires a credit to _______ account & debit to _______ account.

The correct option is A Drawings & Ananya`s capital respectively The correct adjusting entry is: Ananya's Capital A/c Dr. 24,000 To Drawings A/c 24,000

Ananya withdrew Rs. 2,000 per month for personal use, recording each transaction as a debit to her drawing account and a credit to her cash account. The journal entry closing the drawing account requires a credit to _ account & debit to _ account.

The correct option is A
Drawings & Ananya`s capital respectively

The correct adjusting entry is:

Ananya's Capital A/c Dr. 24,000

To Drawings A/c 24,000