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WAEC Financial Accounting 2025 Question 23

Question 23

Double Entry and the Ledger

Goods taken over by the owner of the business for personal use is treated as

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

Answer: D (drawings)

Explanation

Anything the owner takes for private use is drawings.