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Inventory write off

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Inventory write off

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 3, 2023 at 6:52 pm #682192
    engwau
    Participant
    • Topics: 5
    • Replies: 4
    • ☆

    Greetings, what entries would i make for the following transaction;
    Company X has a year end date of 31/12/2022. Sales worth $80,000 are made in November 2022 to customer Y. Following a defect in these products, Company Y returns the goods worth $80,000 on 2/02/2023 to company X. These goods cannot be sold neither improvements made to them hence must be written off. What accounting treatment should be done for the above?

    April 5, 2023 at 7:20 am #682225
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    If you show me how you’ve attempted the question then I can help. What do you think the treatment should be? If you let me know then I’ll gladly help you with the answer.

    Thanks

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    Posts
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