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24. Give the meaning of drawings.answer.A drawing account is an accountingrecord maintained to track money withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships. |
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Answer» SINCE DRAWINGS are used by the businessman for personal purposes it is a personal account Explanation: Drawings refers to the ACT of withdrawing cash or assets from the company by the OWNER(s) for personal use |
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