withdrawn cash 5000 .goods cost 6000,(selling price 7500) from business from business for personal use
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6
For this transaction, the only part to be considered is "Withdrew cash 5000 from business for personal use" because the the good's cost and selling price doesn't affect the transaction. Hence, an increase for drawings and a decrease in cash.
Owner's drawings 5 000
Cash 5000
Drawings for personal use
Note: The description "drawings for personal use" is optional.
Answered by
32
heyaa,,
journal entry for withdrawn cash 5000 .goods cost 6000,(selling price 7500) from business from business for personal use will be;
______________________________
Drawings a/c Dr 11,000
to cash a/c 5000
to purchase a/c 6000.
(being cash and goods withdrawn by the proprietor for personal use.)
______________________________
Hope it helps ☺️☺️
journal entry for withdrawn cash 5000 .goods cost 6000,(selling price 7500) from business from business for personal use will be;
______________________________
Drawings a/c Dr 11,000
to cash a/c 5000
to purchase a/c 6000.
(being cash and goods withdrawn by the proprietor for personal use.)
______________________________
Hope it helps ☺️☺️
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