Journal Entry for Use of Goods in Business

Sometimes goods of a business are used in the business itself. If this happens, those goods are considered assets by the business.

Journal Entry:

Example 1: A electrical goods dealer uses fans for the business worth ₹1,000.

Solution:

Example 2: A furniture merchant uses furniture for the business worth ₹5,000.

Solution:

Article Tags :

Accountancy

Commerce

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