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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
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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