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Goods of Rs 5000 were taken …

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Goods of Rs 5000 were taken by him for personal use

    • Posted by Anuj Kaushal 3 years, 10 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Gaurav Seth 3 years, 10 months ago

    Drawings a/c Dr 5000

    ____To purchase a/c 5000

    (being goods taken for personal use)

    The goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account. It reduces the Owner's equity account. It is not an expense of the business.

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