Question

goods withdrawn by proprietor ​

Answer 1

Answer:

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Explanation:

Goods Withdrawn For Personal Use Bookkeeping Entries Explained. The withdrawal of goods by the owner for personal use is placed on a temporary drawings account and reduces the owners equity. It is not an expense of the business.

Answer 2

It is also referred to as withdrawal account. It reduces the total capital invested in the business by the proprietor(s). In the case of goods withdrawn by owners for personal use, purchases are reduced and ultimately the owner's capital is adjusted. In case of goods withdrawn the valuation is done at cost price.