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Answer :
Final answer:
The transaction in question involves withdrawing Rs 7000 cash from a bank account. The journal entry for such a transaction would debit the cash account and credit the bank account, reflecting the funds' movement.
Explanation:
The phrase 'To Cosen IC Lalithdraw from bank RS 7000 Cash' seems to be related to a business transaction, specifically a cash withdrawal from a bank account. Although the question is not clearly articulated, it appears the student is seeking to understand how to record such a transaction in financial records or a ledger. In business, recording cash withdrawals typically involves a debit to a cash account and a credit to the bank account from which funds are withdrawn, reflecting the decrease in the bank balance and increase in available cash on hand.
For example, when IC Lalith withdraws Rs 7000 cash from his bank account, the journal entry would be:
- Debit: Cash Account (Rs 7000)
- Credit: Bank Account (Rs 7000)
This entry shows that cash on hand has increased by Rs 7000, while the bank balance has decreased by the same amount due to the withdrawal.
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