what is drawings in account
Answers
Answered by
1
Answer:
A drawing account is an accounting record maintained to track money withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.
Answered by
1
The amount withdrawn from firm's bank A/c or cash A/c for the personal use of the proprietor is called drawings.
Drawings is reduced from the capital and is a loss for the business.
drawings A/c is always debited
Similar questions