Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transfers between the Petty
Contra-entries. Such cash transactions usually mirror the Bank statement entries. Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the ledger accounts should be debited and credited, respectively?
a. Debit Petty Cash Book A/c & Credit Bank A/c
b. Debit Personal A/c & Credit Bank A/c
c. Debit Supplier A/c & Credit Bank A/c
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