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Journal entry

Harpreet Kaur (student) (29 Points)

01 September 2015

cash withdrawn from business for office use????? plz reply my post......

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15 Replies

Gopal (Accountant) (21 Points)
Replied 01 September 2015

This is a contra entry that's why journal should be:- Cash A/c Dr. To Bank A/c (Being Cash withdraw from Bank for office use)

lakhan kumar tushar (ACCOUNT ASSISTANT) (58 Points)
Replied 01 September 2015

Wrong....................drawings a/c dr to bank a/c for business ke liye nikaal raha hai

Tejas Jasoriya (CPT clear) (284 Points)
Replied 01 September 2015

Ya its a contra entry so.. Cash A/c....Dr To bank A/c

Tejas Jasoriya (CPT clear) (284 Points)
Replied 01 September 2015

Withdrawal is not for personal use so drawing will not come

niraj (ca) (21 Points)
Replied 01 September 2015

Withdrawal for office use will be a contra entry and not a drawings

chetan Shriniwas Yerguntla (Accountant) (27 Points)
Replied 01 September 2015

cash a/c dr and bank cr. narration cash withdrawn for office use

1 Like

Rajesh. M (Auditor and tax consultants ) (35 Points)
Replied 02 September 2015

Cash a/c dr. To bank a/c

(Guest)

Cash A/c .......Dr. To Bank A/C (Being cash withdrawn for office purpose) Explanation :- Here Drawing A/c is not debited bcoz cash is withdrawn for office use. Drawing is debited only when proprietor withdraw for his personal use. You have already learnt in previous classes that Capital is the liability for business and any amount withdrawn for personal use by the proprietor reduce the capital.

sekar balakrishnan (B.Com) (65 Points)
Replied 02 September 2015

All dear friends,

If cash is w/d from the bank, cash dr and bank ct. After that, if he is proprietor, taking money, drawings a/c will be debited and cash dt. If the cheque is paid for his personal use as he is proprietor, drawings a/c will be debited and bank is credited.>>>>>>>sekar

RRJ (Student CA Final ) (57 Points)
Replied 02 September 2015

1) Create an advance on the name of Person withdrawing the amount:-

Advance against Company Work Dr.

To Cash A/c.

2) Adjust it by passing a journal entry when expense bill is submitted

Expense A/c Dr.

To Advance against Company Work

Hope it will help.

dev (Student CA IPC / IPCC) (21 Points)
Replied 02 September 2015

cash a/c dr.

To bank a/c

(cash withdrawn for office use)

manjeet mishra (job) (42 Points)
Replied 05 September 2015

Right answer by chetan

sushil kumar (student) (21 Points)
Replied 05 September 2015

Cash a/c. Dr. To bank a/c Being cash withdrawn Office exp. Dr. Cash Being exp made for office

Srividya Murali (Article Assisstant) (211 Points)
Replied 08 September 2015

Cash withdrawal for business for office use is not drawing as drawings are cash withdrawals for personal use. Hence, the given transaction is a contra. Hence the entry would be,

Cash A/C Dr.

To Bank A/C.