Question

what will be the journal entry

Answer 1

Drawings a/c dr.

To car a/c

Answer 2

Answer:

Drawings A/c . . . Dr - 1,50,000

• To bank A/c - 1,50,000

( Being bank balance of business used for personal use )

Explanation:

When the proprietor uses the money of business for his/her personal use, the amount withdrawn is called the drawing. Drawing is an expense for the business therefore it needs to be debited and since bank A/c is an asset, it will be credited on decrease.