Journal Entry for Drawings

Withdrawal of any amount in cash or kind from the enterprise for personal use by the proprietor is termed as Drawings. The Drawings account will be debited, and the cash or goods withdrawn will be debited.

Journal Entry:

Example 1: Cash and Goods are withdrawn from the office for personal use ₹500 and ₹1,000, respectively.

Solution:

Example 2: Paid ₹5,000 to a carpenter for work done by him at home.

Solution:

Article Tags :

Accountancy

Commerce

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