Gopal is owner of the business. Accounting entry for the amount withdrew by him is
Cash withdrawn by the proprietor (Gopal) for personal use is debited to Drawings Account (representing reduction of capital) and credited to Cash Account.
Choose your answer
Gopal is owner of the business. Accounting entry for the amount withdrew by him is
Answer and explanation
Correct answer C
Cash withdrawn by the proprietor (Gopal) for personal use is debited to Drawings Account (representing reduction of capital) and credited to Cash Account.
Practice for these exams
-
RPSC School Lecturer (School Education)