Question

journal entry for sold goods for ruppees 300 to sudhir for domestic use

Answer 1

Answer:

Journal Entry For Drawings : Sometimes, the proprietor or Owner

withdraws goods or cash from the business for his own use, Le., For household or Domestic use. It is known as Drawings. It is a personal account. ie., 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 Purchase A/c. (Amount)

Explanation:

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