Question

journal entries.... i) Debtors include 500 receivable from the proprietor for goods drawn by him​

Answer 1

Answer:

13

Explanation:

13

Answer 2

Drawings Account Dr.  500

To Purchases Account   500

(Being goods drawn by proprietor for personal use)

As per accounting principles any cash or non-cash assets taken by the owner for personal use comes under the drawings account which is a temporary account and adjusted with the capital account. If drawings are in the form of goods that the company deals in then it would affect the purchases account or stock account.