What is the name of the account that is debited when an owner
takes money from the business for his or her personal use?
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In accounting, assets such as Cash or Goods which are withdrawn from a business by the owner(s) for their personal use are termed as drawings. It is also called a withdrawal account. It reduces the total capital invested by the proprietor(s).
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1
Drawings a/c Dr is the account which is used when owner take a money from a firm for his personal use
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