September 2025 ACCA Exams

How was your exam? Comments & Instant poll >>

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for December 2025 exams.
Get your discount code >>

closing stock

This topic has 1 reply, 2 voices, and was last updated 11 years ago by John Moffat.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
February 16, 2014 at 11:53 am #158961
Shahil
Participant
- Topics: 1
- Replies: 0
At 31 dec year ended a solo trader closing stock is $100. During the same day he orders $100 worth of stock of which 50% has already been confirm to sell the next day.
How much should the closing stock be in the financial report?
February 16, 2014 at 2:49 pm #158982
John Moffat
Keymaster
- Topics: 57
- Replies: 54748
$100.
The fact that he has ordered inventory is not relevant – he does not own it.
The fact that he has confirmed a sale the next day is irrelevant – either he had sold it in this financial period or he has not.
(And we no longer call it stock – it is inventory)
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.