Accounting question involving resale for profit
Thomas John Vitolo
tjvitolo at bu.edu
Thu Aug 4 09:32:46 EDT 2005
Quick accounting question that I can't quite get my head around:
1/1/04 Purchased a book of 10 sporting event tickets, face valued at $20 each.
2/1/04 Agreed to sell 2 tickets (valued at $40) for $60.
3/1/04 Agreed to sell 2 tickets (valued at $40) for $70.
4/1/04 Received $60 payment.
5/1/04 Received $70 payment.
6/1/04 Personally used 2 tickets
7/1/04 Personally used 2 tickets
8/1/04 Personally used 2 tickets
So, there's a number of funny splits here. At the end of the day, I've:
spent $120 in expenses:entertainment
spent $80 in some sort of business investment
received $130 for that investment, resulting in $50 income?
I want to make sure I set up the accounts:receivable correctly, as well as the
personal expenses, income, etc.
How to do this correctly from an accounting & gnucash point of view?
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