General Store Owners' own personal purchases from the store

Question

Mar 19, 2008, 05:24 AM

tentiko

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Join Date: Mar 2008

Posts: 1

General Store Owners' own personal purchases from the store

We have just started to run a general store as a family partnership of 4 people. We take out what we need for our own consumption but do we need to account for this in our yearly accounts please?

Answers

Mar 19, 2008, 07:09 PM	#2

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Atlanta GA Posts: 26,027	yes, for many reasons, first the value of this goods can be considered income ( taking company value for perosnal use) also for proper inventory control. Remember you have to keep all money seperate from personal funds and not treat the property of the company as perosnal.

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