Question

Mr Khurana has to pay school fees of his son. For this purpose he withdraws rupees 15000 from his business. What is the term used for this item?

Answer 1

The term used for this item is 'drawing'.

Explanation:

Here,Mr.khurana is the owner of the business.He withdraws his own money from the business to pay school fees of his son.Withdrawal of money for the personal use of owner is called drawing.

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