Question

What is the journal entry for drew cheque for office use

Answer 1

Answer: Cash A/c Dr.

To Bank A/c

Explanation: Since, withdrawing cash from bank reduces bank balance, so it is credited. Cash comes in, so it is debitted.

Answer 2

In this question, we are asked to pass the necessary journal entry for the transaction.

Journal Entry will be -

Cash A/C DR

       To Bank A/C

(Being cash withdrawn for office use)

• A journal is a book where all of a business's transactions are initially documented. Journalizing is the process of entering transactions into a journal. Two accounts are impacted by each transaction; one is debited and the other is credited.
• All company transactions are documented in journal entries. Any financial activity that affects the firm is a transaction, in the broadest sense. They are not just restricted to the purchasing and selling of goods and services.
• The total number of debits and credits must equal zero according to the rule of journal entry, but there is no requirement that there be an equal number of credits and debits.

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