O-LevelAccountingSources and recording of data7707/11 · May/June 2014 · Q201 Mark

The owner of a business takes goods for his own use. How is this recorded?

Aaccount to be debited: drawings, account to be credited: inventory

Baccount to be debited: drawings, account to be credited: purchases

Caccount to be debited: inventory, account to be credited: drawings

Daccount to be debited: purchases, account to be credited: drawings

✓ Correct answer

B: account to be debited: drawings, account to be credited: purchases

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2014 Paper 1 Variant 1, question 20.

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