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?
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need help on question 20.10 bpp
6y ago#1Goods 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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