Question

Journal entry of Withdraw from current account for personal use

Answer 1

Anything which is used by any business for its personal use is called drawings... So in that case journal entry will be--

Drawings @/c dr

To cash @/c

( being cash withdrawal as personal use )


In accounting, drawings can never be credit.. i. e it always be debited. similar capital can't be debit it must be credit always because it is the liability of the business..