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Double Entry

This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.

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January 20, 2016 at 8:48 am #296533
namratta1212
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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?
January 20, 2016 at 3:55 pm #296692
John Moffat
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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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