Question

goods given to proprietor daughter rs 1500

Answer 1

Answer:

${\huge{\overbrace{\underbrace{\green{Refer\:to\:the\: attachment}}}}}$

Answer 2

Journal entry

The journal entry for given transaction is as follows:

Drawings A/c ...Dr Rs. 1500

ㅤㅤTo purchases A/c Rs. 1500

(Being goods used by proprietor for personal use)

Explanation:

The goods given to proprietor's daughter is drawings which means that proprietor withdraws some amount of goods or cash from the business.

• Drawings is an expense for business therefore it must be debited which passing journal entry.

We have credited purchase A/c since goods were recorded at the price spent to acquire them. Therefore, purchases account has to be credited when goods are withdrawn by proprietor.