JAMB Accounting 2025 Objective — Question 30
Question 30 of 41 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2025 Objective paper, with the correct answer and a full explanation.
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If we take goods for our own use, we should
- A. Debit Drawings Account, Credit Purchases AccountCorrect
- B. Debit Purchases Account, Credit Stock Account
- C. Debit Sales Account, Credit Stock Account
- D. Debit Purchases Account, Credit Drawings Account
Explanation
Goods withdrawn for personal use no longer form part of purchases, since purchases are for resale. The entry is Dr: Drawings Account, Cr: Purchases Account.
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