Withdrawn goods for personal use
Journal entry give
Answers
Drawings A/c…………. Dr
To Purchases A/c…
Explanation:
In this question we are passing a journal entry for the withdrawal of goods for personal use. Here we are debiting the drawing account as this amount will be reduced from the proprietor or the partner's capital account because they are withdrawing money for their personal uses.
The Purchase account is being credited due to the fact that these goods are going away from the form to the partners are the proprietor and since purchase an item of expense and also the goods are being taken away for personal uses these business expenses will be reduced therefore we credit it .
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Explanation:
withdrawn goods personal use in ledger