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Journal entry
Accountancy
Mohan in his business having â?¹50,00,000 in bank account. Now he is withdraw â?¹5,00,000 from bank account. What will be the journal record for this transaction and what will be tha narration of the transaction?
Answers (7)
Thread Starter
Vijay KFor 2nd question
Not understood what you are trying to say - please elaborate clearly what is the doubt
Sriram Somayajula Admin
Not understood what you are trying to say - please elaborate clearly what is the doubt
I am sorry for confusing you, sir. In the 2nd question, he is withdrawing Rs.25,000 from bank. I thought that the narration will be "being cash is received from bank" but they have that " being cash deposited in Bank " so which narration is correct.
Thread Starter
Vijay KI am sorry for confusing you, sir. In the 2nd question, he is withdrawing Rs.25,000 from bank. I thought that the narration will be "being cash is received from bank" but they have that " being cash deposited in Bank " so which narration is correct.
You are right - ICAI made a mistake - Narration should have been Being cash withdrawn from bank
Thread Starter
Vijay KI am sorry for confusing you, sir. In the 2nd question, he is withdrawing Rs.25,000 from bank. I thought that the narration will be "being cash is received from bank" but they have that " being cash deposited in Bank " so which narration is correct.
There are many mistakes like that Vijay K. I think they intentionally do like that to confuse us :(
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