Double-Entry Bookkeeping, Debits & Credits

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Double-Entry Bookkeeping, Debits & Credits

DCRADDOCK13
I am the owner of business if I draw some stock for my own use how do I record this does it come out of drawings account or capital account and go to purchases or stock account
Thank you for you help
Denise

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Re: Double-Entry Bookkeeping, Debits & Credits

David Harrison-2
On 16/10/05, [hidden email] <[hidden email]> wrote:
>
> I am the owner of business if I draw some stock for my own use how do I
> record this does it come out of drawings account or capital account and go
> to purchases or stock account
> Thank you for you help
> Denise

I am assume you are talking about inventory when you say "stock"?  If
you take it out for personal use, you would credit you're inventory
asset account and debit your drawings account.  There should be no
affect on income.


--
David Harrison, BAccS, CGA

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