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F7 Please assit me with the necessary accounts to adjust base on this note

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › F7 Please assit me with the necessary accounts to adjust base on this note

  • This topic has 0 replies, 1 voice, and was last updated 7 years ago by bi2000.
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  • November 11, 2015 at 11:57 pm #281830
    bi2000
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    1. Inventories
    Inventory at December 31, 2014 for work in progress was $88 million. Finished goods inventory was $200 million before accounting for inventory sold to a customer on consignment. Weston Plc consignment policy dictates that Weston will take liability for all inventory items until the return period of 15 days expired. On January 12, 2015 a customer returned goods bought on consignment on December 30, 2014 for $9 million. The revenue was recorded in revenue with a matching amount included in trade receivables. The inventory costs Weston Plc $6 million. There were no other consignment activities for consideration for the financial year.

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