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Cost of sales

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Cost of sales

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.
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  • March 3, 2020 at 4:44 pm #563931
    Anuja Nair
    Member
    • Topics: 365
    • Replies: 353
    • ☆☆☆☆

    Hi sir , in order to eliminate unrealised profit still in inventory from consolidated financial statements, we have to

    DR Cost of sales
    CR Inventory

    By debiting cost of sales, are we increasing the account or decreasing the account ? and why do we have to increase or decrease cost of sales

    March 4, 2020 at 5:58 pm #564217
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    COS = opening inv + purch – closing inv

    Technically we are reducing the value of closing inventory

    Closing inventory is a credit, so we reduce by posting a debit

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