Which of the following journal entry will be recorded, if goods are withdrawn by a proprietor for his personal use from business?

Drawings A/c Dr

To Capital A/c

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Drawings A/c Dr

To Bank A/c

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Drawings A/c Dr

To Purchase A/c

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Drawings A/c Dr

To Cash A/c

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Solution

The correct option is C
Drawings A/c Dr

To Purchase A/c

The correct adjusting entry is:

Drawings A/c Dr

To Purchase A/c

Suggest Corrections

Similar questions

State whether the following statements are true or false:

(1) A journal voucher is must for all transactions recorded in the journal.
(2) Journal is a book of secondary entry.
(3) Narration is not necessary for each and every journal entry.
(4) Every transaction is recorded first in the journal.
(5) Live Stock A/c is a Nominal A/c.
(6) Bank of Maharashtra A/c is a Nominal A/c.
(7) Brokerage paid on sale of goods is debited to brokerage A/c.
(8) If the goods are sold the entry should be recorded in the journal.
(9) Goods withdrawn by the proprietor from business is debited to the Drawing A/c.
(10) Cash discount does not appear in the books of accounts.
(11) If rent is paid to the landlord, landlord’s A/c should be debited.
(12) Book keeping records monetary transactions only.
(13) Drawings made by the proprietor increases his capital.
(14) Premium paid on the life policy of the proprietor should be debited to insurance premium account.

Q. Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use.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

Q. What will be journal entry when cash is withdrawn from bank for personal use?

Q. An amount of Rs

15, 000

withdrawn by the proprietor for his personal use has been debited to Trade Expenses Account. Which of the following rectification entry is correct?

Give journal entries to rectify the following errors assuming that suspense account had been opened.

(a)	Goods distributed as free sample Rs 5,000 were not recorded in the books.
(b)	Goods withdrawn for personal use by the proprietor Rs 2,000 were not recorded in the books.
(c)	Bill receivable received from a debtor Rs 6,000 was not posted to his account.
(d)	Total of Returns inwards book Rs 1,200 was posted to Returns outwards account.
(e)	Discount allowed to Reema Rs 700 on receiving cash from her was recorded in the books as Rs 70.

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Which of the following journal entry will be recorded, if goods are withdrawn by a proprietor for his personal use from business?

The correct option is C Drawings A/c Dr To Purchase A/c The correct adjusting entry is: Drawings A/c Dr To Purchase A/c

The correct option is C
Drawings A/c Dr

To Purchase A/c

The correct adjusting entry is:

Drawings A/c Dr

To Purchase A/c