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Hello F7 Tutor. Well done Sir.
Some assistance on this:If a company venturing into agriculture sells some cows lets say.
Which journal entries are required?
Is it DR Cash with proceeds & CR SALES REVENUE with proceeds.Thanks
Hi,
Thanks. You would record it as the sale of goods as per IFRS 15. IAS 41 only really deals with the initial birth and change in value of the cow prior to it being sold.
Thanks
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