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General Accounting Discussions: Goods For Personal Use & As Free Gift

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    • CommentAuthortgm603
    • CommentTimeAug 24th 2009
     
    Recently my boss taken some of the goods for his personal use and as gift for customer. Please assist me on how to take up this transaction in accounts , If it is a Proprietorship and if it is a Private Limited company ?

    My boss has 2 companies , 1 is Proprietorship and another is a Private Limited company.


    Thank you.
    • CommentAuthorpk
    • CommentTimeAug 25th 2009
     
    For the stock withdrawal by the owner, Debit Drawing Account and Credit Purchases Account or Inventory Account

    For stock withdrawal for Gift purpose, Debit Gift/Promotion Expenses and credit Purchases Account or Inventory Account

    savin.yakeep@yahoo.com
    Thankful People: tgm603
    • CommentAuthortgm603
    • CommentTimeAug 25th 2009
     
    hi pk,

    Thanks for guiding me on this accounting treatment issue. Your explanation is very clear. Been seeing you answering many questions here , thank you for your generosity in sharing your knowledge.

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