Withdrew Cash For Private Use And Office Use Journal Entry
Journal Entry For Cash Withdrawn By Owners From Business For Personal Use As Well As For Office Use Here, we record Journal Entries related to two aspects which are explained below: (i) Cash Withdrew From Business For Private Expenses / Personal Uses When the sole owners withdraws cash from business for their own personal use or private use, then Drawings Account is created for such transaction in order to treat this separately from business as it is related with the owners own personal use. Suppose, Mr. A withdrew Cash Rs. 50000 from his business for his own private expenses, then the entry to record is given below: Drawings a/c 50000 ...