The owner of the business takes Rs.100 cash and goods costing Rs.200 for his family. The proper journal entry for this transaction is called ……………..
A. drawing > debit; Cash > Credit; Purchases > Credit
B. Drawing > debit; Cash > Credit; merchandise > credit
C. Drawing > debit; Cash > credit; Sales > credit
D. cash > debit; Purchases > debit; drawings > credit
Answer:A
The owner of the business takes Rs.100 cash and goods costing Rs.200 for his family. The proper journal entry for this transaction is called ……………..
A. drawing > debit; Cash > Credit; Purchases > Credit B. Drawing > debit; Cash > Credit; merchandise > credit C. Drawing > debit; Cash > credit; Sales > credit D. cash > debit; Purchases > debit; drawings > credit