Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit

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Question:

Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit

A.

Drawing Account Trade Expenses a/c

B.

Trade Expenses a/c Drawing Account

C.

Drawing Account Cash Account

D.

Trade Expenses a/c Cash Account

Answer» b. Trade Expenses a/c Drawing Account

Note: The above multiple-choice question is for all general and Competitive Exams in India.