a/c entries for own goods

lgarside Registered Posts: 122 🎆 🐘 🎆
If someone took 450.00 from stock for his own use and no accounting entries were made, what year end adjustments should be made?


  • bryan100
    bryan100 Registered Posts: 23 Dedicated contributor 🌟 🐵 🌟
    If you are being punctilious, Dr Capital 450+mark-up Cr Sales 450+markup.
    Most times you would get away with the credit to purchases of the stock value, i.e. 450.
    Quite often, you can agree a figure with the Revenue, particularly if the goods are consumables as with farmers etc. and then ignore the actual amounts.
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