Withdraw cash from bank for personal use journal entry
Asked by admin @ in Accountancy viewed by 503 People
Journal entry of withdrawn from bank for personal use
Answered by admin @
Given "withdrawn from Bank for Personal use"
This Transaction affects Two accounts.. Drawings a/c(withdrawn for Personal use) , Bank a/c(withdrawn from bank on t)..
Drawings a/c is a nominal account (all expenses incomes gains losses come under it) and Bank a/c is a Real account...(all the assets and Liabilities come under it)
The Three golden rules of accounting..
Personal Account - Debit The reciever, credit the giver
Real account - Debit what comes in, credit what goes out
Nominal account - Debit All expenses and losses, credit All incomes and gains
In contention with the above rules... Drawings being an expense to us.. should be debited and since cash is Going out from bank , should be credited...
So The Journal Entry will be
Drawings a/c Dr. xxxxxx
To Bank a/c xxxxx
(Being cash withdrawn from bank for Personal use)
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