WAEC - Accounts Principles Of Accounts (2022 - No. 38)
The entries for cash drawn from the bank by a proprietor for the private use is: debit
Bank Account; credit Cash Account
Cash Account; credit Bank Account
Cash Account; credit Drawings Account
Drawings Account; credit Bank Account
Explanation
Cash drawn from the bank by a proprietor for the private use is not contra entry but will be treated as drawings.
Therefore the accounting entry is : debit drawings and credit bank account.
Therefore the accounting entry is : debit drawings and credit bank account.
Comments (0)
