Question

An amount withdrawn by partner from the business for his personal use. Answer in a word / phrase / term.

Answer 1

Hey mate ✌️✌️


An amount withdrawn by partner from the business for his personal use.⤵️⤵️⤵️⤵️


(Drawing)

Answer 2

The amount withdrawn by partner from the business for their personal use is termed as drawings.

• A drawing account is an accounting record maintained to document cash that its holders have withdrawn from the business.
• A drawing fund is typically used for businesses classified as single ownership and the partnerships.
• The owner's drawings are registered with a drawing account debit and a cash or other property credit.
• The drawing account is closed by transferring the debit balance to the capital account of the owner at the end of the accounting year.