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    tentiko's Avatar
    tentiko Posts: 1, Reputation: 1
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    #1

    Mar 19, 2008, 06:24 AM
    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?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 19, 2008, 08:09 PM
    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 separate from personal funds and not treat the property of the company as perosnal.

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