State whether the following statements are ‘True or False’ with reasons.A cash withdrawal from the business by the trader should be credited to Drawings A/c. - Book Keeping and Accountancy

MCQ

True or False

State whether the following statements are ‘True or False’ with reasons.
A cash withdrawal from the business by the trader should be credited to Drawings A/c.

Options

True
False

Solution

This statement is False.

A cash withdrawal from the business by the trader should be debited to Drawings No as it is a personal transaction.

Concept: Posting of Entries from Journal/Subsidiary Books to Ledger

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Q 4. 3)Q 4. 2)Q 4. 4)

Chapter 4: Ledger - Exercises [Page 115]

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Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Chapter 4 Ledger
Exercises | Q 4. 3) | Page 115

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State whether the following statements are ‘True or False’ with reasons.A cash withdrawal from the business by the trader should be credited to Drawings A/c. - Book Keeping and Accountancy

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