Accounts (Principles of Accounts)Double entry and the ledgerJAMB
Goods taken from the business by the owner for personal use should be recorded by
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Answer: A. debiting drawings account and crediting purchases account
Drawings increase (debit) and purchases are reduced (credit) because the goods will not be sold.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.