Question

11. Amount withdrawn from bank for personal use Rs. 1,500.what will be its journal entry?

Answer 1

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Given "withdrawn from Bank for Personal use"

This Transaction affects Two accounts.. Drawings a/c(withdrawn for Personal use) , Bank a/c(withdrawn from bank on t)..

Drawings a/c is a nominal account (all expenses incomes gains losses come under it) and Bank a/c is a Real account...(all the assets and Liabilities come under it)

The Three golden rules of accounting..

Personal Account - Debit The reciever, credit the giver

Real account - Debit what comes in, credit what goes out

Nominal account - Debit All expenses and losses, credit All incomes and gains

In contention with the above rules... Drawings being an expense to us.. should be debited and since cash is Going out from bank , should be credited...

So The Journal Entry will be

Drawings a/c Dr. xxxxxx

To Bank a/c xxxxx

(Being cash withdrawn from bank for Personal use)

Hope it helps you

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