Question

Withdrawn goods and cash worth RS 10000 and 40000 for personal purpose

Answer 1

Drawings.. Dr

To Cash a/c

To Purchase a/c

Answer 2

The answer of the following Question is given below

Explanation:

                             Journal Entry

                         In the Books of (--- Ltd..)

Date                          Particular                  Debit.       Credit. 

         Drawings                          a/c Dr.       50,000

         To cash                             a/c                               10,000

         To Purchase                      a/c                              40,000

   (Being cash and stock withdrawn by owner for personal use.)

Calculation of the total amount of Drawing .

= Cash + Stock

= 10,000 + 40,000

= 50,000

Note: Withdrawal of stock for personal use is subtracted from the purchase account.

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