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WAEC Financial Accounting 2019 Question 25

Question 25

Double Entry and the Ledger

Sulah took two textile materials worth GH¢500 from his business for his children's use. This would be treated as

  1. A.loan.
  2. B.stock.
  3. C.drawings.
  4. D.sales.
Show the answer and explanation

Answer: C (drawings.)

Explanation

Goods taken for private use are drawings.