Used goods worth Rs 1000 for domestic purpose
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journal entry
drawings A/c. Dr 1000
To. purchases A/c. 1000
(being goods used for domestic purpose )
------------------------------------------------
reasons for debit and credit
drawings account is debited because the owner is receiver of the goods in this case
purchases account is credited as a goods goes out of the business .
drawings A/c. Dr 1000
To. purchases A/c. 1000
(being goods used for domestic purpose )
------------------------------------------------
reasons for debit and credit
drawings account is debited because the owner is receiver of the goods in this case
purchases account is credited as a goods goes out of the business .
sujiritha95:
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Answered by
0
hey mate here is your answer
journal entry for this will be
drawings a/c dr. 1000
to purchase a/c. 1000
(being goods used for domestic purpose)
this has been done because the owner is using the bought goods for personal use
journal entry for this will be
drawings a/c dr. 1000
to purchase a/c. 1000
(being goods used for domestic purpose)
this has been done because the owner is using the bought goods for personal use
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