A withdrawal of goods from business by the proprietor should be credited to _______________.
Drawing A/c
Capital A/c
Purchases A/c
Sales A/c

Question

A withdrawal of goods from business by the proprietor should be credited to -Drawing A-cCapital A-cPurchases A-cSales A-c

Toppr Admin · Accepted Answer

The-xA0-withdrawal of goods-xA0-by the-xA0-owner-xA0-for personal use is placed on a temporary drawings account and reduces the owners equity- It is not an expense of the-xA0-business-xA0-Goods-xA0-are-xA0-withdrawn-xA0-from the-xA0-business-xA0-and taken by the-xA0-owner- which reduces the inventory of the-xA0-business-

A withdrawal of goods from business by the proprietor should be credited to _______________.Drawing A/cCapital A/cPurchases A/cSales A/c

The withdrawal of goods by the owner for personal use is placed on a temporary drawings account and reduces the owners equity. It is not an expense of the business. Goods are withdrawn from the business and taken by the owner, which reduces the inventory of the business.

A withdrawal of goods from business by the proprietor should be credited to _______________.
Drawing A/c
Capital A/c
Purchases A/c
Sales A/c