what will be the journal entry
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Drawings a/c dr.
To car a/c
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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When the proprietor uses the money of business for his/her personal use, the amount withdrawn is called the drawing.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.
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