Question

Withdrawal of goods from business by the proprietor is credited to:

(a) Drawings account (c) Capital accounts
(b) Purchase account (d) None of the above ​

Answer 1

Answer:

purchase accounts is the answer

Explanation:

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Answer 2

Answer:

(a) Drawings account

The withdrawal of goods by the owner for personal use is placed on a temporary drawings account and reduces the owners equity. It is not an expense of the business. Goods are withdrawn from the business and taken by the owner, which reduces the inventory of the business.