Have an account? Sign In Now
For the sake of quality, our forum is currently "Restricted" to invitation-only. In case if you wish to join our forum, please send an email seeking an invitation to "[email protected]".
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
In this modern business world, Banks performs various functions to an organization such as it accepts various deposits from the debtors, makes payment to the creditors on the standing instructions of the company. Banks provide various agency and miscellaneous services to an organization. The JournalRead more
In this modern business world, Banks performs various functions to an organization such as it accepts various deposits from the debtors, makes payment to the creditors on the standing instructions of the company. Banks provide various agency and miscellaneous services to an organization.
The Journal entry for cash withdrawn from the bank is a contra entry. Cash can be taken from the bank for two uses either for personal use (or) business use. I am assuming that cash is withdrawn from the bank for business use.
Journal Entry for Cash Withdrawn from Bank
This journal entry can be recorded in two different accounting perspectives they are-
1. Traditional Accounting Perspective
(Being cash withdrawn from the bank).
2. Modern Accounting Perspective
(Being cash withdrawn from the bank).
Example
On 15th May, Anna Ltd withdraws 5,00,000 from their Bank account for business purpose. Journalise the following transaction.
(Being cash withdrawn from the bank).
See less