a/c entries for own goods

lgarside

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

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.