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

A. debit drawings account, credit purchases account
B. debit purchases account, credit sales account
C. debit sales avvount, credit drawings account
D. debit drawings account, credit sales account

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Correct Answer: Option A

Explanation

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

Correct Answer: Option A

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