Question

draw cash for personal use Rs..100
Journal entry​

Answer 1

Answer:

I can't draw because in this app we can't draw anything.

Answer 2

Answer:

The journal entries to be passed are thus:

For decreasing the cash A/c balance with amount of cash withdrawn by proprietor:

Drawings A/c …Dr.

_____To Cash A/c

Now as Drawings A/c is just a “fancy name” which just means decrease in capital, we need to transfer this drawings A/c balance to capital A/c. The entry being:

Capital A/c …Dr.

____To Drawings A/c

As you can see, we now have eliminated the Drawings A/c entirely, leaving Capital A/c balance reduced to the extent of drawings.

This concludes our Accounting entries related to this issue.