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When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example:
Debit: Drawings Account
Credit: Inventory/Goods Account
This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
What else can I help you with?
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What is journal entry for when goods are received?
debit goods / inventorycredit accounts payable
What is journal entry for purshase of goods?
Debit goods purchasesCredit cash / bank
What is the journal entry for goods received?
Debit goods receivedCredit accounts payable
What is the journal entry customer goods returned on credit?
debit goods returnedcredit accounts receivable
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What is journal entry for when goods are received?
debit goods / inventorycredit accounts payable
What is journal entry for purshase of goods?
Debit goods purchasesCredit cash / bank
What is the journal entry for goods received?
Debit goods receivedCredit accounts payable
What is the journal entry customer goods returned on credit?
debit goods returnedcredit accounts receivable
What is the journal entry if goods received but invoice is not received?
i received goods but not invoice so i have not actually paid for my goods? help
What is the journal entry for goods lost by fire?
Abnormal loss of goods a/c dr. To purchases a/c
How do you make Journal entry for recording Letter of Credit goods?
L/C related all journal entries
What will be the journal entry if the invoice is received from supplier?
There is no entry for receiving invoice from suppliers rather entry is made when goods purchased from suppliers.
What is the journal entry for goods lost in fire?
debit loss by firecredit purchases
What is the Journal entry for goods sold?
debit accounts receivablecredit sales revenue
What is journal entry fof purchase of goods?
Debit purchasesCredit cash / bank
