The owner of the business takes Rs 100 cash and goods costing Rs 200 for his family The proper journ...........

General Accounting Principles Accounting cycles

The owner of the business takes Rs 100 cash and goods costing Rs 200 for his family. The proper journal entry for this transaction is:

Drawings > debit; cash > credit; purchases > credit

Drawings > debit; cash > credit; merchandise > credit

Drawings > debit; cash > credit; sales > credit

Cash > debit; purchases > debit; drawings > credit

Answer (a) Drawings > debit; cash > credit; purchases > credit

Journal Entry –

Particular

l.f

Dr.

Cr.

Drawings a/c dr

To cash

To Purchases

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NIHARIKA WALIA

DRAWINGS are debited and credit what goes out since goods and cash has been withdrawn hence it is credited