The Statement of Financial Position and Income Statement (part b) - ACCA (FA) lectures

[@aliergashev]

Thank you for the lecture.

[@kamisonk1127]

Thank you for the lecture!

[@wwzzyyy]

thx a lot

[@tkhue3296]

I got the very importance concept today,
the definition of drawing and different between wages.
The example of the non-current and current liabilities also helpful ,
before this i really can't tell where should i categorize the installment of a non-current loan,
now i got a basic concept .
2 more steps closer .

[@dpurnimaa64]

thank you!

[@380umar]

I have a question in this lecture. You mentioned that anything the owner draws out from the business is "withdrawl" Even her mother gets something it will be counted as "drawing". Understood. Now what if the owner says that he is giving his days and nights to the business and wants to withdraw a salary on monthly basis in lieu of his services provided to business. So will it still be counted as withdrawl or we can adjust it in expense as a fixed salary. Otherwise, he would have to hire someone to do the same work and will have to pay a salary.

[@tkhue3296]

im also curious but it might involve business regulation or something more complex, that's why Jhon didn't go too deep .

[@elbaymammadyarov8120]

Dude all money belongs to owner.But in Accounting we should record each transaction with special name.That is why it happens like this.