Paid Household Expenses Journal Entry
Journal Entry For Household Expenses Of The Owners Of The Business Paid household expenses are related with the personal expenses or private expenses of the owners of the business. Actually, it is a Drawings and it is not concerned with business matters according to Business Entity Concept . For example, a sole proprietor, Mr. A, withdrew cash of Rs. 30000 from business for his own private expenses, then following journal entry is recorded: Drawings a/c 30000 ...