JAMB Accounting 2019 Objective — Question 27

Question 27 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Goods withdrawn from business for private use are credited to

A. sales
B. capital
C. purchasesCorrect
D. drawings

Explanation

Goods withdrawn for private use are credited to the purchases account, to reduce the cost of goods purchased for resale (and debited to drawings).

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