The entries for cash drawn from the bank by a proprietor for the private use...

Accounts - Principles of Accounts

WAEC 2022

The entries for cash drawn from the bank by a proprietor for the private use is: debit

A. Bank Account; credit Cash Account
B. Cash Account; credit Bank Account
C. Cash Account; credit Drawings Account
D. Drawings Account; credit Bank Account

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Correct Answer: Option D

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.

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The entries for cash drawn from the bank by a proprietor for the private use...

Correct Answer: Option D

Explanation

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