Suppose Mr Rathod withdrew rs 50000 cheque for shop expenditure from ICICI Bank (cheque no 123451)
He used it for
Purchasing Goods 30000
Paying Salary 8000
Purchasing Furniture 12000
In this case
Entries will be
Rathod Dr
To Bank
Purchase A/c DR
Salary Dr
Furniture A/c Dr
To Rathod
Groups
Purchase is under Purchase A/c
Salary is under Indirect expense
Furniture is under Fixed Assets
Rathod is either Capital or under Sundry Creditor (Current Liab)
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