Question

What will be the journal entry for Good's cost rs. 200, sale price rs. 250 taken away by the proprietor for his personal use​

Answer 1

Explanation:

to purchase a/c = 200

hope it helps

Answer 2

Answer:

Drawings A/c_Dr (8,000)

To Purchases A/c (8,000)

(Being goods withdrew for personal use)

Reason : Drawings Account is debited because it decreases the balance of Capital Account and Purchases Account is credited because it decreases the balance of Purchases(Expenses) Account.

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