A proprietor withdraws cash from the business for private...
A proprietor withdraws cash from the business for private use, he
Credits cash account and debits bank account
Credits cash account and debits drawing A/C
Debits cash account and credits drawings account
Debits bank account and credits drawings account
Correct answer is B
When a proprietor withdraw cash for private use, himself or owner's use, it is regarded as drawings.
The account involve is cash and drawings account. Therefore, the cash account gives while the drawings account receives.
An asset was purchase for N343m in 2003. The estimated life of the asset was 3 years with a r...
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger contr...
N Direct material used--------...
Use the following information to answer the given question \(\begin{array}{c|c} & N & &...
Given: Capital:..G...........N5000 ..........T...........N8000 Drawings: G...........N2000 ......
The suspense account is used to correct book-keeping error where the ...
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Which of the following subsidiary books involves cash movements? ...