Question

34. If we take goods for own use we should
*
(0.5 Points)
Debit Drawings Account,
Credit Purchases Account
Debit Drawings Account:
Credit Stock Account
Debit Sales Account: Credit
Stock Account
Debit Purchases Account:
Credit Drawings Account​

Answer 1

Answer:

A

Debit Drawing Account and Credit Purchase Account

Answer 2

Answer:

Debit Drawing Account, Credit Stock Account

Explanation:

If we take goods for own use as, it is said to be Drawing.

Drawing refers to when owner withdraw money or use good for own consumption.

Drawing is an assets

As per accounting principle, All assets should be debit

What goes out credit.

As per condition, Drawing should be debited

Stock should be credited.

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