1.

withdrawn cash 5000 .goods cost 6000,(selling price 7500) from business from business for personal use

Answer»

For this transaction, the only part to be considered is "Withdrew cash 5000 from business for personal USE" because the the good's COST and selling price doesn't affect the transaction. Hence, an increase for drawings and a decrease in cash.

Owner's drawings       5 000

     Cash                                      5000

Drawings for personal use

Note: The description "drawings for personal use" is OPTIONAL.



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