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Adjusting and non adjusting events

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Adjusting and non adjusting events

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by John Moffat.
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  • April 30, 2016 at 2:56 am #313116
    abrizni10
    Member
    • Topics: 55
    • Replies: 49
    • ☆☆

    Sir how can this be an adjusting event?

    Inventory valued at a cost of $800 in the year end accounts was sold for $ 650 on 11 January 20X9

    Accounts year ended on 30 September 20×8
    Approved on 12 January 20X9
    Issued on 20 February 20X9

    My question is the inventory is already sold in the lower of cost, so why this is to be adjusted? It doesn’t makes sense?

    April 30, 2016 at 9:49 am #313153
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Inventory should always be valued at the lower of cost and net realisable value.

    It has been valued at 800, but should only have been valued at 650 (because it had not been sold at 30 September, but it only had a NRV of 650).

    I use inventory as one of my examples in the lecture explaining about adjusting and non-adjusting events.

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