Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 16)
What is the effect of adjusting for goods taken for personal use by the owner?
Increases purchases and decreases drawings.
Decreases purchases and increases drawings.
Increases purchases and increases drawings.
Decreases purchases and decreases drawings.
Explanation
Goods taken for personal use decrease the business's purchases. The owner's use is recorded in drawings.
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