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cost of goods sold

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › cost of goods sold

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by P2-D2.
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  • November 16, 2018 at 9:55 am #484980
    gorikrish
    Member
    • Topics: 5
    • Replies: 0
    • ☆

    When preparing published accounts, if there is a note or an adjustment in the inventory , should it be adjusted in the cost of sales ?
    Can I also know why just not adjust it in the inventory item in the SFP if , it has to be adjusted through the cost of sales ?

    November 19, 2018 at 9:08 pm #485268
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7177
    • ☆☆☆☆☆

    Hi,

    The additional information will always require us to perform a double entry, if we do not then the SFP will not balance.

    The year end inventory adjustment is to DR Inventory (SFP) CR Closing inventory (C’o’s).

    So to answer your question, we need to post the entry to the SFP as well as the C’o’S.

    Thanks

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