Question

goods taken by the proprietor for personal use :
a) sale
b) purchase
c)drawing
d)non of these

Answer 1

Answer:

(c) drawing

Explanation:

any asset withdrawn by proprietor of the firm for personal use either cash or goods,are known as drawings

Answer 2

Goods taken by the proprietor for personal use :

a) sale

b) purchase

c) drawing

d) non of these

The correct answer is :

b) purchase

​

Explanation :

When a proper proprietor takes goods from his company for domestic use, the journal entry of the goods is made in the purchase account. Goods have taken by the proprietor for personal use reduce the inventory of goods in a business. In such a case, the same is kept in the Permanent Withdrawal Account. This reduces the equity account of the business. It is not considered an expense of the business, so it is shown in the purchase account.

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Which of the following is position statement?

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(2) Profit & Loss

(3) BRS

(4) Balance sheet