Drawing Account should be in which GL Category

Owned by Ghugan Sivaperumal (Unlicensed)
2015-May-28
1 min read
  • Drawing Account is an account that records the withdrawal from the business either in the form of goods, cash or assets for his private use.
  • Definition of Sole Proprietor:
    :- Form of business with only one owner.
    :- Takes all the profits and bear all the losses.
    :- For example, an owner takes money from the business to pay for his rental, car or utilities. The withdrawals will then, be record in the Drawing Account.
    Create a new GL Code - drawingAccount (Asset)
    Initially, Issue PV (for cash) or Add JTxn (for asset):

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