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If the owner withdraws amount from the business for personal use, then which A/c is to be debited?
- a)Capital A/c
- b)Drawings A/c
- c)Owners A/c
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
If the owner withdraws amount from the business for personal use, then...
Drawings are the amounts taken by the owner of a business for his personal use in anticipation of profit. Drawings are usually made in the form of cash, but there could be other assets or goods withdrawn by the owner for his personal use.
Most Upvoted Answer
If the owner withdraws amount from the business for personal use, then...
Drawings is a representative personal account if the owner withdraw amount for from the business for his personal use then we get the journal entry drawings account Dr to cash account, as drawings account is personal account therefore we need to debit the receiver therefore drawings account will be debited
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Community Answer
If the owner withdraws amount from the business for personal use, then...
As drawings being a personal account..By following the golden rule for personal a/c(Debit the receiver & Credit the giver)drawings a/c should be debited,since we are receiving money from the business.
Cash account should be credited for being a real account(Debit what comes in,Credit what goes out) as above said like we are receiving money.
Finally the journal entry will be
Drawings a/c dr.
To Cash a/c
Cash account should be credited for being a real account(Debit what comes in,Credit what goes out) as above said like we are receiving money.
Finally the journal entry will be
Drawings a/c dr.
To Cash a/c
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If the owner withdraws amount from the business for personal use, then which A/c is to be debited?a)Capital A/cb)Drawings A/cc)Owners A/cd)None of theseCorrect answer is option 'B'. Can you explain this answer?
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