Question

journal entry for goods worth Rs. 250 taken from the shop for personal use

Answer 1

Answer:

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What's the journal entry for withdrew goods for private use?

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Okay before you pass any journal entry you should analyse the nature of the transactions taking place.

Whenever proprietor brings anything into the business it is termed as Capital and when he withdraws anything from business for personal use is known as Drawings.

Drawings can be in form of Cash or Goods basically. Cash withdrawn can be either from Cash in Hand or from Bank.

Coming to your question, the journal entry for goods withdrawn for personal use is :

Drawings A/c…………. Dr

To Purchases A/c……

Debiting drawings ac because it is nothing but reduction in proprietor’s capital and purchases ac is credited because the goods are being drawn ie going out of the business or you can say Purchases is an item of expenses and since the goods being drawn for personal use the business expenses is reduced and hence credited.

I hope this will be helpful

Explanation:

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