Question

What is the journal entry for "goods use for house hold purpure

Answer 1

Drawing a/c ... Dr.
To purchase a/c

Answer 2

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

Drawings A/c - personal account , goods taken by owner will be debited under head drawings A/c .

Purchases A/c - real A/c , stock goes out of the company therefore its credited .--------------------------------------------------------------------------------------------------------------

Journal entry

Drawings A/c Dr

To Purchases A/c

(being goods taken for personal Purpose)

Hope its useful..!!