Discount given to owner - Expenses or Owner's Equity?

Question

Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks
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duncans · Answer

Kew1&nbsp;&nbsp;Please talk to a Tax Accountant.&nbsp;The ATO has a Fact Sheet "Goods for own use".&nbsp;I believe a annual Journal is sufficient.

zappy · Answer

Duncan is right. This place is for help with MYOB and NOT free tax advice. How do you know who you are dealing with? And will they be around when you get audited?

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Discount given to owner - Expenses or Owner's Equity?

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