Julian, a self-employed shopkeeper, takes goods costing 30 from his trading stock for his own personal use.

Question:

Julian, a self-employed shopkeeper, takes goods costing £30 from his trading stock for his own personal use. If he had sold the stock to a customer he would have charged £45. When computing his trading profit, what adjustment would need to be made to the net profit shown by his accounts if: 

(a) he pays nothing for the goods? 

(b) he puts £30 of his own money into the till so as to pay for the goods? 

(c) he puts £45 of his own money into the till?

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