Question

amouny withdrawn by the owner for persnoal expenses is called​

Answer 1

Answer:

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Answer 2

$\huge\underline\orange{Answer}$

• An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners.

• This is known as the 'drawing account'. In the drawing account, the amount withdrawn by the owner is recorded as a debit.

• If goods are withdrawn, the amount recorded is at cost value.