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What is drawing against profit??
what is drawing against profit??
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Quick Summary
As per me this is mainly applicable for partnership firm.
Where partner withdraw it capital from his share of profit
Where partner withdraw it capital from his share of profit
The profit of the partnership firm is transferred to capital account of the partner's. partner's can withdraw the money from their capital account for personal use.
Drawing means withdrawal of money for personal use. It can be both in partnership as well as proprietorship firm but there is no concept of drawings in case of company
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