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Personal purchases on business bank account for a sole trader

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KatarinaJ
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Personal purchases on business bank account for a sole trader

Hi,

 

Could i please have some advice?

 

If  a personal purchase is made from for a sole traders business bank account is this accounted as drawings?

 

Would i set up an account (Drawings-Personal purchases)? Then use spen money in banking and record purchase to this account.

 

 

Many thanks

 

Katarina

 

 

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Marilyn
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Re: Personal purchases on business bank account for a sole trader

Good afternoon Katrina,

 

Well done Katrina, you have listed exactly how I would handle a purchase by a Sole Trader

 

Congratulations

 

cheers

MARILYN AMESBURY
Amesbury Consulting
MYOB Certified Consultant
MYOB Accredited Trainer
Certificate IV Assessment Workplace & Training
Phone & Fax:: 02 9773 1411
Mobile: 0408 73 1411
Milperra NSW 2214
Email: marilyn@amesburyconsulting.com.au
KatarinaJ
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Re: Personal purchases on business bank account for a sole trader

Thank you Marlyn
SuePerth
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Re: Personal purchases on business bank account for a sole trader

Is this Drawing for personal use under the Owner's equity?

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