Owner takes money home: is it an expense? Drawings and contra entries (Class 4/6)

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Издатель
Accountant's Desk · Double Entry, class 4 of 6 — Class 4 of 6. Money you take from your own shop for home is not an expense — an expense is a cost of running the shop. It is drawings: Dr Drawings 3,000, Cr Cash. Drawings reduce what the shop owes you (capital), not the profit; booking them as an expense would hide your real profit. A phone taken home at its cost of 4,000: Dr Drawings, Cr Purchases (those goods will never be sold). Cash of 10,000 paid into the shop's bank account: Dr Bank, Cr Cash — a contra entry, because both sides are the business's own money.

✍️ THE WORKING
Shop cash → home. An expense?
Dr Expenses 3,000 ?
Dr Drawings 3,000 · Cr Cash 3,000
Drawings cut capital, not profit
Dr Drawings 4,000 · Cr Purchases 4,000
Dr Bank 10,000 · Cr Cash 10,000
Contra: both sides are the shop's own money

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