Question

Goods taken for personal use 5000

Answer 1

Answer:

Drawings a/c ......dr. 5000

To Purchases a/c 5000

(Being goods taken for personal use )

Explanation:

since goods taken for personal use is treated as drawings and when drawings increases it is debited. purchase is an expense so when expenses decrease it is credited .

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Answer 2

Drawing a/c dr. 5000

To purchase a/c 5000