Value of goods withdrawn by the proprietor for his personal use should be credited to ____.

Related MCQs

• _________ liabilities represent proprietor’s equity, i.e. all thoseamount which are entitled to the proprietor
• L of Lucknow consigned goods costing ` 60,000 to A of Allahabad at an invoice price bearing 331/3 % mark up on the cost price. Goods costing ` 15,000 were damaged in the transit and the insurance company admitted the claim in full. Expenses incurred by the consignor on loading and transportation of the goods amounted to ` 1,800. The consignee incurred ` 200 on cartage and ` 6,000 as Godown Rent and sold 2/3 of the goods received by him at the invoice price. He is entitled to 5% normal commission and 2.5% del credere commission. Find the value of goods sold
• Goods taken by the proprietor for personal is shown as a deduction from_____________
• A trader has credited certain items of sales on approval aggregating ` 60,000 to Sales Account. Of these, goods of the value of `16,000 have been returned and taken into stock at cost ` 8,000 though the record of return was omitted in the accounts. In respect of another parcel of ` 12,000 (cost being `6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be
• Income tax paid by a sole proprietor from his business income should be:
• Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
• According to which concept, proprietor of a business is treated as a creditors to the extent of his capital
• Withdrawal of goods from stock by the owner of the business for personal use should be recorded by
• A sent some goods to B to be sold on consignment basis. 1/10 of the goods valued ` 25,000 were lost in transit. Find the value of goods sent of consignment basis —
• The excess price received on the par value of shares should be credited to