Journal entries of cash withdrawn from partner current account

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1359 Points Posted on 27 November 2021
journal entries of cash withdrawn from partner current account
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On 27 November 2021 at 12:29 Report
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This discussion explains how to create journal entries when cash is withdrawn from a partner's current account. The standard entry involves debiting a 'Withdrawals Account' and crediting the 'Partners' Current Account' or 'Partners' Bank Account'. It clarifies that the 'Partners' Current Account' is typically used as it reflects the partnership's banking transactions.

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My grammar is 💯 good I
7306 Points Posted on 27 November 2021

Withdrawals a/c

To Partners bank a/c

or you can use capital a/c if the question specifies that because current account is always bank

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On 27 November 2021 at 15:58
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My grammar is 💯 good I
7306 Points Posted on 28 November 2021

Withdrawals a/c

To Partners current account a/c

Page 69 2-Ch. (Partnership Firm-Basic Concepts (Ver.-5).pmd (ncert.nic.in)

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On 28 November 2021 at 13:06

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