Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is ___________.

Sales A/c

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Drawing A/c

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Purchases A/c

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Expenses A/c

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Solution

The correct option is A Purchases A/c
When the proprietor withdraws goods for personal use of Rs 10,000 it should be credited/deducted from the stock while calculating cost of goods sold and hence are deducted from purchases.

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Similar questions

Q. Goods costing Rs.10,000 taken by the proprietor for personal use were credited to sales account while passing rectifying entry :

How would you rectify the following errors?

1) Sold goods worth Rs 7,200 to Sonu has been wrongly debited to Monu’s account.
2) A purchase of Rs 950 from Ali has been wrongly debited to his personal account.
3) Cash Rs 500 received from Gangaram and entered on the receipts side of the cash book has not been posted to Gangaram’s account.
4) An amount of Rs 1,500 drawn by the proprietor for his personal use stands debited to sundry expenses account.
5) A payment of Rs 800 made by Nanaji for cash purchase of goods from him stands debited to his personal account.

6) Rs 300 written off as bad debts last year and now recovered was credited to customer’s account.

Trial balance of Kohli did not agree and showed an excess debit of Rs. 16300. He put the difference to a suspense account and discovered the following errors.

(a) Cash received from Rajat Rs. 5,000 was posted to the debit of Kamal as Rs. 6,000.

(b) Salaries paid to an employee Rs. 2,000 were debited to his personal account as Rs. 1,200.

(d) Depreciation provided on machinery Rs. 3,000 was posted to machinery account as Rs. 300.

(e) Sale of an old car for Rs. 10,000 was credited to sales account as Rs. 6,000.

Rectify the errors and prepare a suspense account.

Q. Pass rectifying entries:-
(i) ₹ 5,000 being the cost of a Radio purchased for the personal use of the proprietor has been debited to Radio account in the ledger.
(ii) Goods taken by the proprietor for ₹ 1,000, has not been entered in the books at all.
(iii) A cheque of ₹ 500 received from X was credited to the account of Y and debited to Cash instead of Bank A/c.
(iv) A cheque of ₹ 1,300 received from Ram Lal was dishonoured and debited to 'General Expenses' A/c.
(v) A sum of ₹ 3,000 drawn by the proprietor for his private travel was debited to 'Travelling Expenses A/c'.
(vi) Credit purchase of ₹ 500 from Ajay were posted to the credit of Vijay A/c.
(vii) An amount of ₹ 1,600 due from Chandan Lal was written off as 'Bad-debt' in previous year, was unexpectedly received this year, and has been credited to the account of Chandan Lal.

Trial balance of Kohli did not agree and showed an excess debit of Rs 16,300. He put the difference to a suspense account and discovered the following errors:

(a)	Cash received from Rajat Rs 5,000 was posted to the debit of Kamal as Rs 6,000.
(b)	Salaries paid to an employee Rs 2,000 were debited to his personal account as Rs 1,200.
(c)	Goods withdrawn by proprietor for personal use Rs 1,000 were credited to sales account as Rs 1,600.
(d)	Depreciation provided on machinery Rs 3,000 was posted to Machinery account as Rs 300.
(e)	Sale of old car for Rs 10,000 was credited to sales account as Rs 6,000. Rectify the errors and prepare suspense account.

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Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is ___________.

The correct option is A Purchases A/cWhen the proprietor withdraws goods for personal use of Rs 10,000 it should be credited/deducted from the stock while calculating cost of goods sold and hence are deducted from purchases.

The correct option is A Purchases A/c
When the proprietor withdraws goods for personal use of Rs 10,000 it should be credited/deducted from the stock while calculating cost of goods sold and hence are deducted from purchases.