CA Foundation Accounting Practice Questions - ICAI CA Foundation Paper 1 Accounting Exam

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According to the accounting concept that a business is treated as separate and distinct from its owners, how should a proprietor's personal car purchased from business funds for private use be recorded?

As a fixed asset of the business As a current liability of the business As a business expense in the profit and loss account As drawings reducing the owner's capital

Correct Answer:

As drawings reducing the owner's capital

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