Question

Goods of rs 10000 furniture of rs 5000 and cash 2000 taken by propreitor for personal use

Answer 1

Answer:

Drawings A/c. Dr

To Goods take by proprietor for. personal use A/c

To Furniture A/c

To Cash A/c

Answer 2

Answer:

Drawings

Explanation:

The goods, cash and the furniture which the propreitor uses for its personal use will be referred to as Drawings. As it is that amount or money which is taken out by the business owner for his own use . And it is made mostly in form of cash.

The journal entry is as:

Drawings A/c................Dr     Rs 17,000

    To Stock A/c...................Cr   Rs 10,000

     To Furniture A/c..............Cr  Rs 5,000

     To Cash A/c......................Cr  Rs 2,000