Question

goods taken away by proprietor for personal use will be recorded in​

Answer 1

Answer:

The goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account.

Answer 2

Goods taken away by the proprietor from business for his personal use will be recorded in : A. Purchases Book B. Sales Book C. Purchases Return Book D. Journal Proper

Goods taken away by the proprietor from business for his personal use will be recorded in D) Journal Proper.

Define Journal proper:

Journal is the primary book of the business that is maintained by the firm or entity to maintain the record of every transaction that takes place in the entire day, generally, these are maintained on an accrual basis, and help to prepare the other books of the entity such ledger and trial balance.

What are Drawings?

• Drawings are said to be withdrawal of capital from the business, in this owner take away either cash or asset of the firm for his personal use.

• The amount of drawings should be deducted from the capital, as it reduces the capital of the business.

Thus, the goods taken away by the proprietor for personal use will be recorded in​ the journal proper.