Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 3)
What should be done at the end of the year for the drawings account?
It is balanced off and transferred to the current account
It is moved into retained earnings.
It is closed out and the partner must pay it back.
It is immediately closed.
Explanation
At the end of the year, drawings are transferred to the current accounts.
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