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BPP question

This topic has 3 replies, 2 voices, and was last updated 6 years ago by John Moffat.

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May 20, 2019 at 2:15 pm #516587
davthev
Participant
- Topics: 7
- Replies: 5
Sir I’m confused why in BPP question 19.3 Tonson (page 90)
Item belong to profit & loss a/c they exclude opening inventory ?
As long as I know double entry for opening inv will be
Dr. Trading a/c
Cr. Inventory a/c
May 20, 2019 at 2:34 pm #516595
John Moffat
Keymaster
- Topics: 57
- Replies: 54675
The answer is wrong. The opening inventory will appear in the SOPL as part of the cost of goods sold.
May 20, 2019 at 3:09 pm #516599
davthev
Participant
- Topics: 7
- Replies: 5
tqvm sir for your clarification
May 20, 2019 at 6:07 pm #516616
John Moffat
Keymaster
- Topics: 57
- Replies: 54675
You are welcome 🙂
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