Owner Current Account
Code: 3520
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Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Debit |
Definition
This account records amounts that the owner (in a sole proprietorship) adds to or withdraws from the entity. It is an alternative to the "Partner Current Account" for sole proprietorships.
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 505
Equity
❓ Frequently Asked Questions
Q: What is the owner current account?
A: Used in sole proprietorships as an alternative to the partner current account, recording owner additions and withdrawals.
Q: How is an owner withdrawal recorded?
A: Dr. Owner Current Account, Cr. Bank or Cash.