MP Board · Class 11 · Accountancy · Recording of Transactions - IWithdrawal of cash by the owner for personal use is debited to:
Step-by-Step Solution
Withdrawal of cash by the owner for personal use is treated as drawings and is debited to the Drawings Account.
Detailed Options Breakdown
Option : Cash Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
Option 1: Capital Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
Option 2: Drawings Account (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 3: Purchases Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
💡 Study Guide: This question tests core syllabus concepts from Recording of Transactions - I. For formulas, key summaries, and mock exam reference guides, read the full Recording of Transactions - I Revision Notes.