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Sale with right of return

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Sale with right of return

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • March 24, 2021 at 3:24 pm #615129
    dvamfire
    Member
    • Topics: 36
    • Replies: 29
    • ☆☆

    hello sir… when there is a sale with right of return (eg, can return before 30 days)
    so the initial measurement will be
    DR cash
    CR refund liability

    but, what is the initial measurement for inventory?
    after 30 day, we bring back the asset right? why is it like that?

    March 25, 2021 at 3:24 pm #615192
    Stephen Widberg
    Keymaster
    • Topics: 11
    • Replies: 2837
    • ☆☆☆☆☆

    If it is likely that goods will be returned:

    Dr Cash Cr Refund liability

    At SFP date, the inventory will not be physically present for the count and valuation, so we have to recognise inventory currently with customer:

    Dr Inventory (at cost) Cr COS

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