An amount withdrawn from bank account for personal expense will be debited to …..
account?
a) Bank
b) Drawings
c) Cash
d) Person
Answers
Answered by
1
Answer:
person
Explanation:
Answered by
1
Answer:
b) Drawings
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.
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