Question

Is cash drew for personal use be written in single column cash book or not?

Answer 1

Answer:

your answer is: This mostly happens in small businesses where the owner manages the day to day operations. In a scenario where the owner withdraws cash from the bank for personal use, the entries are:

Debit Drawings (Equity Account)

Credit Bank/Cash (Asset account)

In larger businesses, a shareholder or director may frequently use the company's money for personal expenses. These funds used by the director/shareholder would be reimbursed to the company on a future date.

The entries are:

Debit Director/Shareholder Loan Account (Asset or liability account)

Credit Bank (Asset account).

Answer 2

Answer:

This is answer of your question.