Question

journal entry for drew from bank

Answer 1

Cash A/c dr
to Bank A/c

Answer 2

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

analyse the question

• withdraw cash ie, cash comes into business the business therefore its Debited

bank is a personal A/c , where bank is giver in this case , therefore its credited.

Journal entry

Cash A/c Dr

To Bank A/c

(being cash withdrawn from bank )

This also called contra entry.

Hope its useful..!!