Question

Journal entry of withdrawn from bank for personal use

Answer 1

Answer:

drawing Account debit

To cash account

Answer 2

Drawings A/C      Dr.

    To bank

(Being withdrawn from bank for personal use)

• Journal keeps a detailed record of all the financial transactions of the business.  
• One can maintain a journal in two ways namely double entry method for single entry method.
• The basic purpose of a journal is to record all the financial transactions. It is the basic book where all the financial records are kept for future purposes.  
• These transactions are then recorded in the official accounting records known as the ledger account.