Beruflich Dokumente
Kultur Dokumente
VAT 5,000
Being the sale of goods on credit not accounted for
Journal Dr Cr
+ Expense 45,000
- CA inventory 45,000 Inventory Expense 45,000
(P&L)
Inventory (SFP) 45,000
Sales 14,000
Cost P Q
Purchase Cost 100 200
Delivery from Supplier 20 30
Import Duty 1.20 2.60
COST 121.20 232.60
Q9
Week Qty Balance
Open 140 10 1,400
Week 1 Bought 140 13 1,820 3,220
Week 2 Used -195 140 x 10 1400
55 x 13 715
2115 1105
Week 3 Bought 80 11 880 1985
Week 4 Used -100 85 x 13 1105
15 x 11 165
1270 715
Balance 65
AVCO
(140 * 10) + (140 * 13) 11.50 11.50 * 195 2242.50 (140 * 10) + (140 * 13) + (80*11
280 360
(85*11.50) + (80*11) 11.61 11.61 * 100 1160.00 4100/360 = 11.39
160 65 * 11.39 = 740.27
Q10
IAS 2 states that inventory be measured as the
lower of cost or Net Realisable Value
Cost = cost of purchase and cost of conversion
NRV = actual or estimated selling price less
and further costs of conversion
Cost NRV
Materials 15,000 Selling Price 250
Labour 20,000 Less Marketing Costs 25
Depreciation 10,000 1 table 225
Factory Rates 5,000 50 x 225 11,250
Factory Expenses 10,000
Other production Expenses 5,000
500 tables 6,500
1 table 130
50 x 130 6,500