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intra-group sales

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › intra-group sales

  • This topic has 2 replies, 2 voices, and was last updated 13 years ago by QIN.
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  • Author
    Posts
  • April 17, 2012 at 7:39 am #52239
    QIN
    Member
    • Topics: 63
    • Replies: 176
    • ☆☆☆

    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?

    April 17, 2012 at 8:49 am #96355
    Najiya
    Member
    • Topics: 1
    • Replies: 94
    • ☆☆

    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) 1.8

    Cancel current accounts
    Dr. Payables 3.4
    Cr. Receivables 3.4

    April 17, 2012 at 10:38 am #96356
    QIN
    Member
    • Topics: 63
    • Replies: 176
    • ☆☆☆

    thanks! understand now! GIT and intra-group sales treated separately. I mix them.

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