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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Statement of Financial Position for sole trader
If the owner takes the business vehicle for personal use and consumes fuel that was meant to be used for businesses purposes, does the cost of the fuel consumed become Drawings or it is an expense to the business.
If the fuel is used for business purposes then it is an expense of the business (and not drawings).
