Question

journal entry of -- shirts taken over by ananth for personal use 12,000​

Answer 1

Explanation:

Drawing A/c Dr 12000

To purchase A/c 12000

( being shirts use of

personal use)

Answer 2

The required journal entry is written as follows:

        Journal entry in the books of ____

(i)  Drawing a/c Dr               12000

        To purchase a/c                 12000

   (Being shirts taken over by Ananth for personal use of Rs. 12000)

Additional Information:

A journal entry is a practice of recording every transaction, whether it is economic or not. An accounting journal that displays the debit and credit balances of a firm lists transactions. Numerous entries, each of which is either a debit or a credit, may be included in the journal entry.Money withdrawn from the business account for personal use is referred to as a drawing in accounting terminology. This might be as basic as buying lunch using a work credit card or it can be the equal of a paycheck.

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