Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 22 - No. 23)
What is the impact of an adjustment for goods taken for personal use by the owner?
Increases purchases and increases drawings.
Decreases purchases and increases drawings.
Increases purchases and decreases drawings.
Decreases purchases and decreases drawings.
Explanation
Taking goods for personal use decreases purchases and increases the drawing account.
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