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Who do I account for depositing personal funds into my business account?

Asked Feb 28, 2012, 08:16 PM — 2 Answers
I have been in business for over 7 years. Over the past year I have had to stay afloat by transferring money from my personal account to my business account. I have reimbursed myself for most of the money. I am uncertain on how to reflect this in my books. Any advice?

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tipuch's Avatar
tipuch Posts: 0, Reputation: 10
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#2

Feb 28, 2012, 11:24 PM
If i win any prize i cant belive that because you must cash in my online bank account of bangladesh transfar please pubali bank limited.Bar library,Hobigonj current account name:md. abdul hannan chowdhury.
account number:3242901014933
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pready's Avatar
pready Posts: 2,662, Reputation: 882
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#3

Feb 29, 2012, 10:46 AM
When you transfer money from your personal account to your business account the journal entry will be:
Debit Cash for the amount transferred
Credit your Capital account for the amount transferred

When you take money out of your business your journal entry will be:
Debit your Drawing account for the amount taken
Credit Cash for the amount taken
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