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    baglady07's Avatar
    baglady07 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 28, 2012, 09:16 PM
    Who do I account for depositing personal funds into my business account?
    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?
    tipuch's Avatar
    tipuch Posts: 0, Reputation: 1
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    #2

    Feb 29, 2012, 12:24 AM
    If I win any prize I can't believe 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
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Feb 29, 2012, 11:46 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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