Question

What is the journal entry for : withdrawn cash of rs.15,000 from bank out of which 5000 used by owner for private use .​

Answer 1

Explanation:

Drawings are the amounts taken by the owner of a business for his personal use in anticipation of profit. Drawings are usually made in the form of cash, but there could be other assets or goods withdrawn by the owner for his personal use.

Journal Entry will be:-

Drawing A/c Dr.

To Bank A/c.

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