Mr$.$ Right and Mr$.$ Wrong own an antique store in a partnership. They share profits and losses equally and receive an annual salary of $$50,000,$ as per the partnership agreement. Mr$.$ Right travels the country buying antiques. Mr$.$ Wrong manages the store. From time to time, they use some of the small items from the store merchandise for personal use.

Mr$.$ Wrong's daughter is getting married, and she loves an antique piece that costs $$5,000.$ Mr$.$ Wrong makes the following entry on the books to record the transaction:

Debit

Credit

Cost of goods sold$$5,000$

Inventory

$$5,000$

$$ How should Mr$.$ Wrong have recorded the transaction?

$$ What are the ethical aspects of Mr$.$ Wrong's action?