Question

2. What are drawings in accountancy?
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Answer 1

Answer:

Explanation:

A drawing acts similarly to a wage but is applied to sole traders or partners. A drawing in accounting terms includes any money that is taken from the business account for personal use. This can be the equivalent of a salary, or it can be as simple as lunch paid for with your company credit card.

However, drawings don’t only cover cash with-drawl. It can also include goods and services withdrawn from the company by the owner for personal use. This could, for example, mean acquiring company property, or it could be the use of worksite materials.

Answer 2

Answer:

the money withdrawn by a person for his own purpose or for the enterprise use