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On Q1 of June 2010 (Picant), why AR of CSFP should less 3.4m, Payable liabilities should only less 3.4-1.8=1.6. I know 1.8 should be regarded as inventory to be added back to S, so why not consolidated AR should be only 1.6?
Remember Double-Entry!!!
1.8 adjusted in Inventory & Payables. then why again in Receivables?The entries are as follows.
Goods in transit
Dr. Inventories 1.8
Cr. Payables (S) 1.8Cancel current accounts
Dr. Payables 3.4
Cr. Receivables 3.4
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