Question

what is the account ing treatment for goods taken by the proprietor for personal use​

Answer 1

Answer:

Goods costing Rs.10,000 taken by the proprietor for personal use were credited to sales account while passing rectifying entry :

Answer 2

The goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account. It reduces the Owner's equity account. It is not an expense of the business.