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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: