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How to track goods used for personal use by employee and owner of business in accounting


My boss use of goods in personal & Bill getting in Company Name, He is said to me firstly payment made through company, and then I will pay in cash. So I have entry pass in tally


1) Labour charges A/c Dr. 200000
To Good A/c 200000

2) Good A/c Dr. 200000
To Bank A/c 200000

But, Cash gave to my Boss how to entry pass & manage Please sir Explain Reply for Me

Dear

First of all tell me, your boss is owner of business or he is also the employee of business.
Because, if he is the employee, if he is the employee of business then above your entry is wrong

Because, if a employee uses goods of company for personal use, it means he is the debtor of company, So we track goods used for personal use by employee with following way :-

Employee’s account Debit 200000
To sale account 200000
After this when payment from employee received

Bank account debit 200000
To Employee’s account 200000

If your boss is owner of business, then we track good used by owner of business in accounting with following way

Drawing account or capital account Debit 200000
To purchase account 200000

When amount received from boss

Bank account debit 200000

To Drawing account or capital account 200000

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Accounting Education: How to track goods used for personal use by employee and owner of business in accounting
How to track goods used for personal use by employee and owner of business in accounting
Accounting Education
https://www.svtuition.org/2009/03/how-to-track-goods-used-for-personal.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2009/03/how-to-track-goods-used-for-personal.html
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