Question

give rupees 101 as gift to friend on the occasion of his marriage give journal entries​

Answer 1

Answer: drawings a/c debit to cash a/c both ₹101

Explanation:as money is being used from the business for personal purposes

Answer 2

The answer to the following question is given below.

Explanation:

                             In The Books of (___Ltd)

                                     Journal Entry                          

Date         Particular                                       Debit    Credit  

             Drawing                  a/c     Dr              101

             To Cash                   a/c                                      101

               (Being Cash withdrawn from the business )

[ In this situation, the Owner of business withdrawn money from the business to gift his friend. Any amount that withdrawn from the business for personal use count as Drawings ]

Drawing is expenses for any firm, under accounting Principles all expenses should be debit.

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