Question

Withdraw rs 500 for business for peraonal use

Answer 1

Drawing A/c Rs.500 to cash a/c 500 ( Being cash withdraw for personal Use).
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Answer 2

Answer:

Transaction: With draw Rs.500 from business for personal use

Journal Entry:

Drawings A/c-------------------------Dr           500

                 To Cash A/c                                    500

(Being cash withdrawn from business for personal use)

Explanation:

As per business entity concept business and personal use must be separated. Therefore, anything used for personal use is debited to drawing a/c.