Question

good worth for 500and taken for personal use for jounal

Answer 1

DRAWINGS a.c. Dr.
To purchases a c

Plz mark it as brainliest.

Answer 2

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

• Drawings A/c - personal account , goods taken by owner will be debited under head drawings A/c .
• Purchases A/c - real A/c , stock goes out of the company therefore its credited .

Journal entry

Drawings A/c Dr 500

To Purchases A/c 500

(being goods taken by owner for personal goods)

Hope its useful..!!