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Question

Give the word / term or phrase which can substitute each of the following statement.

An amount withdrawn by partner from business for his personal use.


Solution

Drawings
Explanation: Drawings refer to the amounts which are withdrawn (in cash or in kind) by the partners from the business for their personal use. It is recorded in the Current Account in case of Fixed Capital Method and in the Capital Account in case Fluctuating Capital Method is used.

Accountancy
B.Keeping & Account (2014)
Standard XII

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