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What is the accounting treatment for goods taken from business for office use
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The following are the transactions with respect to goods traded by Gopal- i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash iii) Bought goods Rs.45,000 from Suresh & Co on credit iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000 v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs 9000) vii) Received cash from Gangadhar Rs.11,500 in full settlement. viii) Paid carriage charges on the goods purchased Rs.2,000. Find out the closing stock as on 31 -1-2005. Also, find how much is still due to Suresh?
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