Havn't posted for a while, am now doing level 2 manual, have started going through mock paper and have come across something havn't really covered and am not sure how to really go about. Materials bought as purchases then used as home improvements, how do they get put through the business, only thing i can think of is as now drawings instead of purchases, also bought vehicle for business which i get as fixed asset, have not covered what happens to the VAT of the vehicle, what that gets put through, is a fixed asset vatable? Have put adjustments made to vehicle for work use as expenses, really not sure though. Don't like asking but as have said did not really cover these things in the course, pretty much everything else covered except these though. Anyone help please.
dont know how much help i can give, mainly as its a mock exam you are doing, but i was stuck on one of those questions myself, and the advice i got, when using stock for own use, think how you would put these into accounts, you are right the drawings acc is used. sorry i'm not too sure on the other question. good luck with it kal x x
