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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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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

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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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