Question

Goods withdrawn by owner for personal use is an example of __________.

• A. No change in Owner's Equity
• B. Increase in Asset & Owner's Equity
• C. Decrease in Liability & Owner's Equity
• D. None of these

Answer 1

The correct option is D None of these

The effect of Goods withdrawn by owner for personal use

Goods will be reduced which implies decrease in Assets

as it is withdrawn for personal use by owner which will result in decrease in capital.

Therefore, there is decrease in asset and capital.