Help Unit 5 - Scuddco

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Please can someone help me - i am stuck on Task 8 - Closing Stock<BR>Using the Stock Valuation schedule below - calculate the value of closing stock at 31st March 2004 and prepare a jrnl with full narrative?<BR>Code Cost Est Selling Price<BR>1004 £15420.34 £20627.36<BR>1006 £8376.37 £7478.56<BR>1008 £6284.37 £9285.36<BR>1010 £3274.33 £2957.60<BR><BR>total £33355.41 £40348.88<BR>The stock line 1004 includes some items, which originally cost £7,200, but it has now been decided that they are to be sold at a discount. The agreed selling price for these items is now 60% of cost price?<BR><BR>Thanks<BR>Sarah xxx

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help Unit 5 - Scuddco

    Sorry its all squashed together<BR>Its <BR>Codes 1004<BR> 1006<BR> 1008<BR> 1010<BR>Cost £15420.34<BR> £8376.37<BR> £6284.37<BR> £3274.33<BR>Est Selling Price<BR> £20627.36<BR> £7478.56<BR> £9285.36<BR> £2957.60<BR>Is this more clearer?<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help Unit 5 - Scuddco

    Remember that stock should be valued at 'the lower of cost and net realisable value' (SSAP 9). So work out which is lower, cost or selling price, for each product and add 'em up.<BR><BR>Journal entry is dr Stock a/c cr Trading a/c. <BR><BR>Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help Unit 5 - Scuddco

    Thank you<BR>so much for your help x
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help Unit 5 - Scuddco

    Has anyone figures out how to clear the suspence account for Scuddco?

Categories

Privacy Policy