Journal entry for withdrawl of household expenses?

Question

Answer

Drawing a/c Dr.
To cash a/c cr.

(Being good withdraw for household expenses)

Answer

Journal Entry for Withdrawal of Household Expenses

When withdrawing household expenses from the bank account, the following journal entry should be made:

Date: The date the withdrawal was made

Account: The bank account from which the withdrawal was made

Account Number: The account number of the bank account

Description: A brief description of the withdrawal, such as 'household expenses'

Debit: The amount of the withdrawal

Credit: Not applicable

For example, if $500 was withdrawn from the bank account for household expenses on January 1st, the journal entry would be:

Date: January 1st

Account: Bank Account

Account Number: 123456789

Description: Household expenses

Debit: $500

Credit: Not applicable

It is important to keep accurate records of all withdrawals for household expenses in order to properly track expenses and manage budgets. Regularly reviewing and analyzing these records can help identify areas where expenses can be reduced or better managed.

Answer

If money is withdrawn from business for household purpose ,journal entry will be drawings a/c. dr. to cash/ bank a/c

Answer

Drawings a/c dr to cash/bank a/c

Answer

No Entry Entry is only for the business point of view

Answer

Drawings a/c Dr To cash /Bank a/c

Answer

Drawings a/c Dr to cash a/c

Answer

Drawing a/c dr To cash a/c

Answer

If a business withdraws money for household expenses, the journal entry must be passed like this in the books of business: Drawings a/c Dr. ...... To cash /bank a/c ...... (Being money withdrawn for household expenses)

Answer

Traveling expanses paid to salesman

Answer

Drawing a/c. dr to purchase a/c

Answer

Drawing a/c dr. To cash a/c

Answer

Drawing A/C Dr.
To expenses A/c

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