drew cash forpersonal use
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Drawing A/c.__ Dr.
To cash A/c.
To cash A/c.
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1
Drawings include 3 cases :
♣ Case 1 :
============
When we withdraw any goods from the business.
The journal entry will be :
Drawings A/c Dr.
To Purchase A/c
♣ Case 2 :
============
When we withdraw cash from the business.
The journal entry will be :
Drawings A/c Dr.
To Cash A/c
♣ Case 3 :
============
When the cheque is drawn from the bank or the cash is withdrawn from the bank for personal use.
The journal entry will be :
Drawings A/c Dr.
To Bank A/c
[And the amount will be mentioned in the respective column.]
Hopes this helps you!
cheers! :)
♣ Case 1 :
============
When we withdraw any goods from the business.
The journal entry will be :
Drawings A/c Dr.
To Purchase A/c
♣ Case 2 :
============
When we withdraw cash from the business.
The journal entry will be :
Drawings A/c Dr.
To Cash A/c
♣ Case 3 :
============
When the cheque is drawn from the bank or the cash is withdrawn from the bank for personal use.
The journal entry will be :
Drawings A/c Dr.
To Bank A/c
[And the amount will be mentioned in the respective column.]
Hopes this helps you!
cheers! :)
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