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5 barrels of Diesel is kept in a business for the purpose of trading and eventually 1 barrel is consumed own purpose. Show its accounting treatment

Accounting Auditing Cost Accounting Financial Accounting managerial accounting
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Question added by ANVER SHAHAS KV , Group Accountant , Coolwell AC
Date Posted: 2014/10/28
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Jasir Shameem
by Jasir Shameem , Accountant , Quadloops technologies pvt ltd

Journal entry.

 Drawings acc. Dr

      To diesel or consumed goods acc.

 

 

T should be decrease from purchase amount in trading account. 

 

 

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