GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When the proprietor withdraws or takes away some goods from the business for his personal use or consumption, he records the withdrawals at
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Cost price
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Selling price
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Selling price or cost price whichever is lower
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Selling price or cost price whichever is higher
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Explanation:
Detailed explanation-1: -This is known as the ‘drawing account’. In the drawing account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value. Was this answer helpful?
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