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Accounting Treatment

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accounting Treatment

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • October 11, 2021 at 2:40 pm #637456
    maximus07
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    • Topics: 407
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    • ☆☆☆☆

    When we do drawings of goods for personal use so entry is recorded as debit Drawings and Credit Purchases.
    Why not Credit Inventory?

    October 11, 2021 at 4:02 pm #637463
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51576
    • ☆☆☆☆☆

    Because we only make entries in the inventory account at the end of the period and we enter what is actually counted in inventory. The owner will have already taken the goods before the count at the end of the period.

    Everything bought during the period is debited to purchases. If the owner takes any of them then they are no longer available for the company and we therefore credit purchases.

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