Question

Q.4Goods taken by owner for personal use is known as​

Answer 1

Answer:

DRAWINGS or Withdrawal Account

Explanation:

In accounting, assets such as Cash or Goods which are withdrawn from a business by the owner(s) for their personal use are termed as drawings. It is also called a withdrawal account. It reduces the total capital invested by the proprietor(s).

In the case of goods withdrawn by owners for personal use, purchases are reduced and ultimately the owner’s capital is adjusted. The adjustment is done at cost price.

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