BPP question

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May 20, 2019 at 2:15 pm #516587
davthev
Participant
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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
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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
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tqvm sir for your clarification
May 20, 2019 at 6:07 pm #516616
John Moffat
Keymaster
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You are welcome 🙂
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