Question

Jonral entry Goods use for house hold 2000

Answer 1

Drawings A/c   Dr    2000
     To purchases A/c          2000
( being Goods use for house hold)

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Answer 2

Answer:

Journal entry Goods use for house hold 2000

Explanation:

Journal Entry For Drawings :-

Sometimes, the proprietor or Owner withdraws goods or cash from the business for his own use, i.e., For household or Domestic use. It is known as Drawings. It is a personal account, i.e., Account of owner, as such, the owner is recovering benefits by drawings from the business, hence Drawings Account will be debited as per the rule of personal account, “Debit the receiver”. Purchases Account will be credited because as a result of the transaction the net amount of purchases of the business is reduced.

The entry for recording this transaction will be :-

Drawings A/c. Dr... (Amount)

To Purchases​ A/c. (Amount)

(Being Goods taken by the proprietor for his personal use)

What is the journal entry for "goods use or household"???

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Jonral entry Goods use for house hold 2000

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