Question

Journal entry for Ramu's account:
Question: cash paid for the purchase
of bicycle foi Ramu's son 1500​

Answer 1

Answer:

drawings account... Dr. 1500

To cash account. 1500

Answer 2

Drawings A/c                         -------dr         1,500

         To Cash A/c                                                  1,500

(being cash payment made for buying the cycle of owner's son.)

GIVEN: Cash paid for the purchase of bicycle for Ramu's son 1500​
TO FIND: Journal entry for Ramu's account.
SOLUTION:

As we are given in the question,

Ramu is an owner of the business firm, he buys a bicycle for his son , and the payment for same is made by the money of the business.

So, this shall be considered as the money withdrawn by the owner for personal use.

Therefore,

The amount paid will be considered as drawings.

The following journal entry shall be passed for  cash paid for the purchase of bicycle for Ramu's son 1500​:

Drawings A/c                         -------dr         1,500

         To Cash A/c                                                  1,500

(being cash payment made for buying the cycle of owner's son.)

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