Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction…

Accounts - Principles of Accounts WAEC 2005

Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are

  • debit drawings account, credit purchases account checkmark
  • debit purchases account, credit sales account
  • debit sales avvount, credit drawings account
  • debit drawings account, credit sales account

The correct answer is: A

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