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What is the Nature of closing inventory?Is it an asset or a Revenue?
Can it be a revenue in any sense?I am consider closing inventory is asset because of below of current asset at Balance Sheet (Financial Statement).
Thirimonoo: Please do not answer in this forum because it is the Ask the Tutor Forum (but please do help people in the other F3 Forum 🙂 )
Tahababa: The closing inventory is an asset that will appear on the Statement of Financial Position. (Although it will obviously affect the cost of sales in the Statement of Profit or Loss – the cost of sales is the opening inventory plus the purchases less the closing inventory).
I do not think you can have been watching my free lectures for Paper F3, and I do suggest that you do watch them. The lectures are a complete free course for F3 and cover everything needed to be able to pass the exam well.
Yes you are saying Absolutely Right I am not watching your F3 Lectures because Now a days I am peparing F1 and watch Mr.Ken Garett’s Lectures.
My brother asked me about Closing Inventory so thats why I am asking you about it
So My question is that If closing inventory is an asset so why it goes in Statement of Pofit or loss(In COGS).It goes in Income statement as an expense or as a Revenue?I am waiting for your answer
Thank You.
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