Question

Withdraw goods for personal use cost price 500 selling price 600

Answer 1

Accounting is always done at the cost price of goods.

Drawings A/c --- Dr.  500

To Purchases A/c          500

(Goods withdrawn for personal use)

Always show the COST PRICE in the BOOKS, never anticipate Sales Profit.

Answer 2

The journal entry is that transaction .

Drawing A/ c. Dr. 500*

To Purchase A/c 500*

( being goods withdrawn for personal use )

(*) = according to accounting view selling price is not included in transaction only cost price because nobody know the selling its going high or low is being by salesman and customer.

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