Goods for Own Use, Asset Disposal, Inventory Valuation and Capital vs Revenue Expenditure

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Question

Define goods for own use and state its treatment in the IS and SFP.

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Answer

**Goods for own use** — inventory taken from the business by the sole trader for private use. IS: **Deducted from purchases** in cost of sales. SFP: **Added to drawings** in the capital section.

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