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Limburg
Level 2

Old purchased inventory

I want to add about 200 different / unique items to my inventory for resale (Antiques) - they are purchased before i started my LLC. They all have different prices, i have the receipts for most and the money i spend is from private (Equity? - owners investment?)

Now i want to try to add it like this:

 

Add it as one inventory item with quantity 200, then add up all prices and divide it by 200 and that will be the cost of item. Would this be acceptable ? And what is the best way of doing it.

 

Thank you.

Solved
Best answer January 28, 2021

Best Answers
Rustler
Level 15

Old purchased inventory

Yes that is acceptable

 

create or use a cash type bank account, "buy" the item from a dummy vendor you set up

then enter a deposit in the same amount, use owner equity investment as the source account for the deposit

View solution in original post

1 Comment 1
Rustler
Level 15

Old purchased inventory

Yes that is acceptable

 

create or use a cash type bank account, "buy" the item from a dummy vendor you set up

then enter a deposit in the same amount, use owner equity investment as the source account for the deposit

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