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MOCK EXAMS 4 BPP KIT PG 351

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › MOCK EXAMS 4 BPP KIT PG 351

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • Author
    Posts
  • November 19, 2021 at 8:51 am #641052
    Shi2004
    Participant
    • Topics: 79
    • Replies: 33
    • ☆☆

    Hello sir im having a problem in sec B but only a part i don’t understand.
    This is the question.
    The following is an extract from Diaz co trial balance as at 31dec 20X8 :
    INVENTORY AT 31DEC debit $8.6m
    TRADE RECEIVABLES debit: $6.2m
    5%LOAN NOTES credit $9m
    The inventory count was completed on 31 december 20X8 but two issues have been noted. First, product with a sales values of $0.6m had been incorrectly excluded from the count. Second, items costing $0.2m which had been included in the count was damaged and could only be sold for 50% of normal selling price. Diaz co makes a profit markup of 50%on both these items.
    What is the correct amount of inventory to be recognised in diaz co financial statement as at 31dec 20X8?

    November 20, 2021 at 10:01 am #641144
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6443
    • ☆☆☆☆☆

    Hi,

    Again, what is it exactly about the answer that you do not understand? I’ll be happy to explain once I see where you are struggling with the question.

    Thanks

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    Posts
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