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Double Entry

NNamratta10y ago
A soletrader took goods costing $1800 from inventory for his own use, the normal selling price of the goods is $1600. what is the correct double entry?
John MoffatJohn MoffatTutor10y ago#1
Debit Drawings $1,800; Credit Purchases $1,800. I do suggest that you watch our free lectures - they are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
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