Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 38)
How would a partner's withdrawal of cash from the partnership be recorded in the accounting records?
Debit to Cash, credit to Drawings.
Debit to Drawings, credit to Cash.
Debit to Capital, credit to Cash.
Debit to Cash, credit to Capital.
Explanation
Drawings are debited, and cash is credited.
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