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Paid cash to owner for personal use is this an expense?
no its drawings
What is drawings in accounting?
it's the cash removed by the owner of the business from the account of the business for his personal usee
What is the difference between an expense and a drawing in accounting?
An expense is the term given to those business costs which are day to day running costs such as rent, heat and light, insurance, wages, etc - sometimes known as overheads. Expenses are deducted from gross profit in the the profit and loss account Drawings is the term given to money withdrawn from the business for the owners personal use - NOT the same as wages however, because the owner is NOT an employee of the business and they can take as much or as little in way of drawings as they wish. Drawings are deducted from the owners capital in the balance sheet
What are Drawings of capital account on trade?
Drawing are the resources which are taken by the owner of the business for his personal use.we usually deduct the drawings from the capital.
What accounts are affected if you withdrew cash from the business for personal use?
If the withdrawer is not the owner of the business, it would be classed as a loan.If the owner of the business was withdrawing the money, it is classed as drawings.
Paid cash to owner for personal use is this an expense?
no its drawings
Is it possible for a personal assistant to be considered a legitimate business expense?
Yes, a personal assistant can be considered a legitimate business expense if their services directly contribute to the operation or success of the business.
Is a personal assistant considered a business expense?
Yes, a personal assistant can be considered a business expense if they are hired to help with tasks related to running a business, such as administrative work, scheduling, or other business-related activities.
What is drawings in accounting?
it's the cash removed by the owner of the business from the account of the business for his personal usee
What is the difference between an expense and a drawing in accounting?
An expense is the term given to those business costs which are day to day running costs such as rent, heat and light, insurance, wages, etc - sometimes known as overheads. Expenses are deducted from gross profit in the the profit and loss account Drawings is the term given to money withdrawn from the business for the owners personal use - NOT the same as wages however, because the owner is NOT an employee of the business and they can take as much or as little in way of drawings as they wish. Drawings are deducted from the owners capital in the balance sheet
Can I deduct software as a business expense on my taxes?
Yes, you can generally deduct the cost of software as a business expense on your taxes, as long as it is used for your business and not for personal use.
What are Drawings of capital account on trade?
Drawing are the resources which are taken by the owner of the business for his personal use.we usually deduct the drawings from the capital.
Is the drawings account an expense account?
The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
When an owner withdraws cash or other assets from a business for personal use these withdrawals are termed?
Drawings.
Is it legal for business owner to take large amounts of money for personal use disquised as a business expense?
No, this is called embezzlement.
Are automobile lease payments tax deductible?
Not on personal leases, sometimes on business leases (as an expense).
Can you write off gift cards on your taxes?
No, you cannot write off gift cards on your taxes as they are considered a personal expense and not a deductible business expense.
