suman shil (33 Points)
09 September 2020
prasad Nilugal
( GST Practitioner & Accounts )
(14167 Points)
Replied 09 September 2020
Goods withdraw for personal use .
1) Drawings A/c Dr
To Goods A/c Dr
( Being Goods withdraw for personal use )
Transfer to Capital Account
Capital A/c Dr
To Drawings A/c Cr
( Drawing transferred to capital account )
so your above entry is transfer entry .
suman shil
(33 Points)
Replied 09 September 2020
prasad Nilugal
( GST Practitioner & Accounts )
(14167 Points)
Replied 09 September 2020
Goods purchase for Business purpose use for personal purpose so here Goods and purchase are one and same , drawings will be reduce form purchase A/c . purchase A/c with reduce balance will be reflected in Trading A/c .
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