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events after reporting period

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › events after reporting period

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • October 26, 2015 at 7:26 am #278959
    mansoor
    Member
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    a single class of inventory was valued at 460k at 31 mar x9. in april 70% of this inventory was sold for 280k, on which the sales staff earned 15% commission.

    i took it to mean that only 70% of inventory needed a write down to nrv. but the examiner’s comment says that the entire 460k shd be written down.

    initially this was an english problem for me, in that i did not extend the 70% to the entire inventory. but the phrase “a single class” solved that problem …. is that correct?

    now coming down to the numbers. the answer in the kit said that the final value shd be 340k … and my number was 342.

    the difference was how i calculated:

    i did : X + 15%X = 280
    whereas the kit simply took 85% of 280.

    so the way i see it is that the kit took the 15% comm on the gross whereas i took 15% comm on the base value.

    would my answer be considered correct?

    October 26, 2015 at 8:20 am #278973
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    No, sorry. It was sold for 280 and the salesmen got 15% of that

    The question says “… sold for 280k, on which ….” not “… on top of which …..)

    October 26, 2015 at 8:40 am #278978
    mansoor
    Member
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    aha!

    October 26, 2015 at 12:05 pm #279016
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    You’re welcome

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