Payment of personal expenses of the owners of business need to be recorded as:

Related MCQs

• Petty expenses paid in cash are recorded in:
• Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit
• Which financial statement represents the accounting equation “assets = liabilities + owners’ equity”
• Goods taken from business for personal use by the proprietor should be credited to
• In a overdraft balance as per cash book, a cheque of 1,250 deposited into bank but not recorded in cash book will be
• A debit note issued to a creditor for goods returned is to be recorded in the
• Sales of 6,570 is recorded in the sales book as 6,750. Such Error is known as
• A purchase of 49,500 from Shiva was recorded in Purchases Book as 59,400, the profit would show
• Which of the following transaction is not recorded in cash book?
• Credit purchase of fixed asset is recorded in