Question

Goods withdrawn from business for personal use

Answer 1

Answer:

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Explanation:

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. Goods are withdrawn from the business and taken by the owner, which reduces the inventory of the business

Answer 2

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Drawings A/C Dr.

To Purchases A/C

( Goods withdrawn for personal use)

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