[Debit] Capital Account xxxx
[Credit] Drawings xxxx
Debit cashCredit bank
Yes, withdrawal is the contra entry of capital account which owner use to draw money from business and hence it reduces the owner capital from business.
Debit owner capitalCredit bank
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
[Debit] cash / bank / goods [Credit] Owner's equity
Debit cashCredit bank
Yes, withdrawal is the contra entry of capital account which owner use to draw money from business and hence it reduces the owner capital from business.
Debit owner capitalCredit bank
debit drawingscredit equipment
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
[Debit] cash / bank / goods [Credit] Owner's equity
The entry in the records that documents the owner taking cash for personal use is typically recorded as a withdrawal or a cash disbursement.
debit drawingscredit office equipment
Debit business expensesCredit cash
Debit net incomeCredit owner's capital account
Debit drawings accountCredit cash
Debit drawingsCredit cash /bank