Journal Entry for Payment of Household Expenses - ₹70,000

Introduction:
In this journal entry, we will record the payment of household expenses amounting to ₹70,000. Household expenses refer to the day-to-day costs incurred for maintaining a household, such as rent, utilities, groceries, and other miscellaneous expenses.

Key Pointers:
- Payment of household expenses
- Amount: ₹70,000
- Description: Rent, utilities, groceries, and miscellaneous expenses

Journal Entry:

Date: [Date of the transaction]

Account Title: Household Expenses

Debit: ₹70,000

Account Title: Cash

Credit: ₹70,000

Explanation:

1. Debit - Household Expenses:
- Household expenses account is debited to record the increase in expenses.
- The amount debited is ₹70,000, representing the total payment made for various household expenses.

2. Credit - Cash:
- Cash account is credited to reflect the outflow of cash from the business.
- The amount credited is also ₹70,000, indicating that cash has been used to make the payment.

Conclusion:
This journal entry accurately records the payment of household expenses amounting to ₹70,000. The debit to the Household Expenses account reflects the increase in expenses, while the credit to the Cash account indicates the outflow of cash from the business. This transaction helps in maintaining accurate financial records and tracking the expenses incurred for running the household.