Accountancy, asked by kappakka, 1 year ago

drew cash forpersonal use

Answers

Answered by Vickypanjiyar
0
Drawing A/c.__ Dr.
To cash A/c.
Answered by AkashMandal
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When the cheque is drawn from the bank or the cash is withdrawn from the bank for personal use.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! :)
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