Question

Took £300 from the business to pay for living expenses，what is the transactions？（DR？CR?）

Took £300 from the business to pay for living expenses，what is the transactions？（DR？CR?）

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Answer #1

Living expenses are expenditure that one spent for living normal standard of living, including the cost of food, housing, transport, clothing, etc.

If the owner took this money from busines to pay his personal living expenses then this transaction will be considered as drawing and A drawing account is a ledger that is maintained to track money withdrawn from a business, usually a sole proprietorship or partnership, by its owner.So,the drawing account will be debited and cash will be credited by the amount.

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