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