Using the DLA to buy stock?

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MTJR
MTJR Registered Posts: 29 Regular contributor ⭐
in General accounting discussion
Hi,

Quick question - if the director’s loan account has a credit balance, can the director take stock for own use and just Dr DLA
Cr Sales
with the selling price, not at cost

Thanks

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  • Clintm15
    Clintm15 Registered Posts: 248 Dedicated contributor 🦉
    edited May 2023
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    You wouldn't use Sales.

    DR - DLA
    CR - COGS

    With the cost amount, not selling price.
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