The entries for cash drawn from the bank by a proprietor for the private use is: debit
Question 1 Report
The entries for cash drawn from the bank by a proprietor for the private use is: debit
Answer Details
Cash drawn from the bank by a proprietor for the private use is not contra entry but will be treated as drawings.
Therefore the accounting entry is : debit drawings and credit bank account.
Therefore the accounting entry is : debit drawings and credit bank account.
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