1 thought on “T toke drew a cheque for his own use $ 200 what journal will be affected”
Answer:
When a business owner has goods withdrawn for personal use they are recorded on the drawings account.
For example, if a business owner has goods withdrawn for personal use which cost 600, then the amount must be recorded on the owners drawings account and not as an expense for the business. Assuming no tax is involved in the purchase of the inventory by the business, then the bookkeeping journal entry would be as follows:
Answer:
When a business owner has goods withdrawn for personal use they are recorded on the drawings account.
For example, if a business owner has goods withdrawn for personal use which cost 600, then the amount must be recorded on the owners drawings account and not as an expense for the business. Assuming no tax is involved in the purchase of the inventory by the business, then the bookkeeping journal entry would be as follows:
Explanation:
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