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Goods taken by proprietor is credited to?

a) Expense A/c

b) Purchases A/c

c) Capital A/c

d) None of these

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Question added by Shamseer KM , Accounts and Admin Payroll , KBM Group
Date Posted: 2016/02/27
Muhammad Sabith
by Muhammad Sabith , Accountant , SIMORA

agree with the experts answer .........

Mohamed Hakeem Meerashahib
by Mohamed Hakeem Meerashahib , Branch Manager , Sri Lanka State Trading (General) Corporation

Goods taken by proprietor is credited to Purchase A/C as it is needed to be reduced.

 

Md. Omar Faruq
by Md. Omar Faruq , Manager-Accounts & Finance , The Rani Re-Rolling Mills Limited.

If Goods taken by proprietor is credited to Purchase A/C. So the answer is option-B.

Golam Mahiuddin Mahiuddin
by Golam Mahiuddin Mahiuddin , Deputy Manager Audit , JSJVL (Jamuna Gas)

B(Purchases A/c credit.), it is one kind of drawings.

 

Modassir Meraj
by Modassir Meraj , HR Coordinator , Transguard Group

in accounting if owner or proprietor withdraw so we credited in capital   

c) Capital A/c

Mohammed Thoufique Thoufi
by Mohammed Thoufique Thoufi , CMA Accounts Article , Muncipal Office Guruvayur Goverment of Kerala

It is considered ad drawings of proprietor. Trading account or stock drawing account is to be credit. Entry will be

drawings account dr

TO Trading/stock drawing a/c

Santosh Kumar Arukh
by Santosh Kumar Arukh , AGM- FINANCE & TAXATION , JFE ENGIEERING CORPORATION

If any Good taken by proprietor then the " Actual cost of the Goods" will be Credited to ans: b) Purchase A/c.

 

The reason is the same value cost from purchase item or stock value will be reduced by passing following entries:

 

Capital / Drawings A/c Dr.

Purchase/ Goods/ Items A/c. Cr.

 

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