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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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