30 December 2009
Individual a/c is a capital a/c and it has a credit balance. when proprietor withdrawl from his firm then its capital decreases, so it should be debited in his account.
30 December 2009
Capital account is a liability account(liability of the business to owner)and hence credit balance. As and when drawing is made it is assuming that he had withdrawn from his capital account, the capital account balance would be reduced. for reducing capital we will debit the same.
CAclubindia
