Question

Drew cash from bank for personal use journal entry

Answer 1

Answer:

Drawings A/C        Dr

    To Cash A/C

[Being cash drawn from bank for personal use]

Answer 2

In this question, we need to pass the necessary journal entries.

JOURNAL ENTRY OF CASH WITHDRAWAL FROM BANK FOR PERSONAL USE-

Drawing A/C DR

         To Bank A/C

( Being cash withdrawn for personal use)

• In the context of accounting, drawing means removing money out of a company's holdings or from an account for personal use.
• When a business owner is a partner or a lone proprietor, they frequently use drawing accounts.
• The term "drawing" can also refer to things that are taken out of a firm for private use.
• A journal entry is the act of recording any transaction, whether one is economic or not.
• An accounting diary that displays the debit and credit balances of a corporation lists transactions.
• Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
• The amount of the debits and credits must be equal for the journal entry to be declared balanced.
• Each journal entry in double-entry accounting must include two accounts, one credit, and one debit.
• Journal entries adhere to a set structure so that the information is clear to anybody who reads them.

PROJECT CODE #SPJ2

https://brainly.in/question/43111309

https://brainly.in/question/25394159