Question

goods withdrawn by proprietor for personal use will be debited to?​

Answer 1

Answer:

okk please wait!!!!

Answer 2

ANSWER :

Goods withdrawn by proprietor for personal use will be debited to Purchases Account.

• Amount of cash or value of goods taken by the proprietor or withdrawn by the owner from the business for the personal use or any private purpose is called Drawings.

• When the owner or proprietor of a business withdraw goods from the business for personal use or any private purpose, then the Drawings A/C is debited to the Purchases A/C in the Journal entry.

• In case of Final Accounts, when Drawings i.e., Goods taken by a proprietor for personal use is there as adjustment entry, it is first deducted from the Purchases in the Trading Account.

• After deducting Drawings from Purchases in the Trading Account, it is also are deducted from Capital at the Liabilities side in the Balance Sheet.