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If a small business owner on start up introduces his own second-hand tools at a total cost of say £1000 where would this be recorded, would it go in the cash book? and would it be a purchase or capital? and can I confirm that goods bought on credit would not go in the cash book? sorry if these are simple questions but my brain is having some time off!!
Topic starter
Posted : 09/03/2010 5:09 am
Re: Introduction of stock.
Every non cash items like stock brings into the business on first time, the entry will be stock debit and capital credit, so it is not recorded in cash book. the stock when sold out and cash received against this stock will be recorded in cash book, would you have any more query?
Posted : 27/03/2010 6:23 pm
Re: Introduction of stock.
That correct information posted.Well according to me stock are of different type.One type is the share stock that is managed by electronic means.Other is the tangible products which are developed and then put to sale.The stock should be maintained such that there should be no bad debts incurred from it.The net profit should be collected in specified way.
Posted : 11/06/2010 7:34 am
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