a/c entries for own goods
lgarside
Registered Posts: 122 Dedicated contributor 🦉
If someone took 450.00 from stock for his own use and no accounting entries were made, what year end adjustments should be made?
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Comments
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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.0
