Owner's Withdrawals
Owner's Withdrawals (alternatively known as owner's drawings, drawings, or, simply, withdrawals; hereinafter, the Withdrawals) is the financial account that records money or other assets an owner withdraws from a business for personal use. The Withdrawals is an adjusting account for Owner's Capital and a subdivision of owner's equity.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
