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Debit & Credit for Purchase & Sales Return

Goods taken b...

Question

Goods taken by proprietor for domestic use should be credited to ____________.

A

sales account

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B

proprietor's personal expenses

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C

purchases account

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D

expenses account

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Solution

The correct option is C
purchases account

Good taken by the proprietor for domestic account should be credited to purchases account. Hence, the correct option is (c)

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Similar questions

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.

Q. Select the most appropriate alternative from the alternatives given below and rewrite the statement.

Goods or Amount taken by proprietor for his personal use should be debited to ______.
a) Sales A/c
b) Drawing A/c
c) Purchases A/c
d) Cash A/c

Q. Select the most appropriate alternative from the alternatives given below and rewrite the statement.

Cash purchases of goods should be credited to ______.
a) Purchase A/c
b) Sales A/c
c) Cash A/c
d) Goods A/c

Q. Goods taken by proprietor for domestic use should be credited to ___________.

Q. A withdrawal of goods from business by the proprietor should be credited to _______________.

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