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Jordan


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Client used own business materials for personall use, what entries to make ?
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Hi ,

Sounds simple, but wracked my brain over this one ! Client has used his own materials on his house extension, 500+vat. What entries do I put through his books ?

Also, if you purchase a vehicle, have special racking put in and had livery done, does the capital cost of the vehicle include the racking and livery ? or is the cost you use just the vehilce cost only ? 

Any help would be much appreciated.

thx  biggrin

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littlebookkeeper


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Hi,

CR material purchases
DR drawings

I would say that the extra racking etc would be an additional cost of the vehicle. I would post this separately though and show it separately in the fixed asset register.

Carole

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RobH


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Yes I agree with Carole on both points, but don't forget Jordan to credit input tax too.

Rob

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Rob
www.accounts-solutions.com
littlebookkeeper


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Yes, I agree with Rob about the vat, sorry I missed that.

so to clarify you would

DR drawings   £500 + vat
CR input tax    vat
CR materials   £500

Carole



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