Question

goods costing rupees 15000 and cash rupees 12000 withdrawn for personal use journal entry​

Answer 1

Explanation:

DRAWINGS A/C DR. 27000.

TO CASH A/C 12000

TO PURCHSES A/C. 15000

Answer 2

Answer:

Method 1 (Using a Drawings A/c)

Drawings A/c Dr …..Rs.8,000

To Purchases A/c ….. Rs.8,000

(Being goods worth Rs.8,000 withdrawn by owner for personal use.)

Later in the year, the following entry is also passed:

Capital A/c Dr…. Rs.8,000

To Drawings A/c …… Rs.8,000

(Being drawings for the year debited to capital account.)

Method 2 (Using the Capital A/c)

Capital A/c Dr…… Rs.8,000

To Purchases A/c …….. Rs.8,000

(Being goods worth Rs.8,000 withdrawn by owner for personal use.)