banner_ad

Journal Entry

308 views 3 replies
Goods withdrawal for personal use.

can i use this journal Entry .Is it wrong?

Capital a/c........Dr
To Drowings
Replies (3)

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  . 

But in some cases I have seen,
Drowings a/c......Dr
To Purchase

please clarify the effect in trading a/c

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 . 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details