Question

goods taken by proprietor for personal use worth rs 8000 and paid 3000 for it. ​ journal entry

Answer 1

Answer :-

If the proprietor withdraw goods from the business for personal use, then the drawings A/c is debited.

Appropriate Journal entry is :-

Drawings A/c . . . Dr. 5,000

Cash A/c . . . Dr. 3,000

• • • To purchase A/c 8,000

( Being the goods taken for personal use by owner and paid cash )

[ Goods when taken out by proprietor for personal use or given as charity or donation, then purchase A/c is credited. ]