Question

6. Cash withdrawn by the Proprietor should be credited to
(a).Drawings account
(b) Capital account
(c) Profit and loss account
(d) Cash account​

Answer 1

Explanation:

The transaction is based on the separate entity concept which signifies that business and its proprietor are treated two separate legal entity.

Withdrawal of cash by proprietor should be debited to drawing account in the books of the business. Same amount should be credited by the proprietor in cash account

Answer 2

Answer:

d is right option

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