Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Chart of Accounts (https://www.askmehelpdesk.com/showthread.php?t=801839)

  • Sep 23, 2014, 02:58 PM
    ROXY08
    Chart of Accounts
    If there is no equity to classify a drawing account. Would you be able to use other current liabilities, or retained earnings? I am not sure how to classify the drawing account when there is no equity classification.
  • Sep 24, 2014, 12:35 AM
    paraclete
    Well drawings is a part of equity and if the account doesn't exist it should where the entity is a sole trader, retained earnings is part of equity but where is the contributed capital. Are you suggesting you don't actually have a double entry system?

  • All times are GMT -7. The time now is 09:47 AM.