Accountancy, asked by pawanrajsingh5127, 1 year ago

Treatment for goods withdrawn for personal use in balance sheet

Answers

Answered by manish2808
1

Anything taken out by the owner out of business assets is called drawings.

When goods are withdrawn the account credited is Purchases Account.


Journal entry for goods withdrawn by the owner:

Drawings account Dr.

To Purchases account

(Being goods withdrawn by the owner)

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