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Drawings account & entries in tally

This query is : Resolved 
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Discussion explains drawings in a proprietorship as withdrawals by owner, recorded by debiting drawings and crediting cash or bank. Drawings account is created under capital and deducted from capital in balance sheet.

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(Querist)
10 January 2012 Please tell complete entries regarding drawings in proprietorship firm. drawings account to be created under which group. what treatment should be done at the end of year?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 January 2012 Drawings A/c Dr.
To Cash/Bank
(Being cash withdrawn by proprietor)

Open drawings account under Capital A/c

Drawings account is to be shown as a deduction from Capital Account in the Balance Sheet.
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