Hello If you have taken drawings from the business but now wish to repay that money, what entries would I need to make? Is it purely a case of debiting bank account and crediting drawings?Thanks
Drawings is the name for the money which a sole trader takes from a business. If the sole trader puts money into the business it is known as capital introduced. The entries are therefore CR Capital Account and DR Bank or indeed Cash.Hope this helps.Kris
Kris McCullochwww.ayrshireaccountancy.co.ukWinner - BKN Most Innovative Accountancy Firm 2012Latest Blog Post: Bookkeepers Award 2015
