Maneet Kaur In: Category - Journal EntriesWhat is the journal entry for cash withdrawn from bank?cash withdrawn from bankjournal entry ShareFacebook1 AnswerVotedRecent Dheeraj 2020-09-01T20:07:15+05:30Added an answer on September 1, 2020 at 8:07 pm In this modern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 Banks provide various agency and miscellaneous services to an organization.The Journal entry for cash withdrawn from the bank is a contra entry.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 I am assuming that cash is withdrawn from the bank for business use.Journal Entry for Cash Withdrawn from BankThis journal entry can be recorded in two different accounting perspectives they are-1. Traditional Accounting PerspectiveParticularsL.F.AmountNature of AccountAccounting RuleCash a/c XXXRealDebit- What comes into the business. To Bank a/c XXXPersonalCredit- The Giver.(Being cash withdrawn from the bank).2. Modern Accounting PerspectiveParticularsL.F.AmountNature of AccountAccounting RuleCash a/c XXXAssetDebit- The Increase in Asset. To Bank a/c XXXAssetCredit- The Decrease in Asset.(Being cash withdrawn from the bank).ExampleOn 15th May, Anna Ltd withdraws 5,00,000 from their Bank account for business purpose. Journalise the following transaction.DateParticularsL.F.AmountNature of AccountAccounting Rule15th MayCash a/c 5,00,000AssetDebit- The Increase in Asset. To Bank a/c 5,00,000AssetCredit– The Decrease in Asset.(Being cash withdrawn from the bank).0Reply Share ShareShare on FacebookShare on TwitterShare on LinkedInShare on WhatsAppLeave an answerCancel replyYou must login to add an answer. Username or email* Password* Captcha* Click on image to update the captcha. Remember Me! Forgot Password?