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need help on question 20.10 bpp

This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.

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October 19, 2019 at 11:12 pm #550202
farhaanm
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i made a payables account to find the balancing figure however i can’t understand how to deal with cost of goods taken from inventory for personal use?
October 20, 2019 at 9:25 am #550230
John Moffat
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Goods taken for personal use are drawings.
Therefore 1,000 of the purchases figure is charged to the owner (Cr Purchases Dr Drawings) and only the remaining purchases are used by the company and are part of the cost of goods sold.
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