FRA Practice Exam 1, section 2
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Task 2.1 (d)<BR>This might sound a daft question, but is this a trick question...<BR>do I need to make adjustments for the sale and cleaning of this carpet, or is it as is reads;<BR>"The cost of cleaning 'will be' £50, and the carpet can 'then be sold' for £300?<BR><BR>Any ideas.<BR><BR>Thanks<BR>Michelle
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FRA Practice Exam 1, section 2
I have no idea which exam this is from. However.........<BR><BR>the policy as outlined in SSAP9 is that stock is valued at the lower of cost and net realisable value. The cost is (should) be obvious. The net realisable value is what you can sell it for after any furtehre costs have been taken in to account. So, if you can sell the carpet for £300 after paying £50 for cleaning the net realisable value is £250. You would us ethis as its value for closing stock purposes if (and only if) this is LESS than the original cost.<BR><BR>Does this help?<BR><BR>Graham Blott0 -
FRA Practice
Hi Graham,<BR>I note that you have been answering to most of the question<BR>I will be retaking the FRA intermediate exam 1st December 2004<BR>I just cannot understand and your help is much appreciated.<BR><BR>Question from bpp books assessment paper Harry Green Task 1.3 Find the errors to clear the suspence account<BR>I cannot get my head round the 2 accounts invloved ie the net coloumn of the sales day book has been undercast by £1200<BR>Sales day books - Which 2 accounts are involved sales ledger and sales control account. The discount allowed and discount received is also puzzling me, where does the suspense account fit in?<BR><BR>For reconcile - AAt intermediate revision chapter 10 control accounts page 41.<BR>Purchase ledger account and list with different figures<BR>How do you reconcile?<BR><BR>Please help me to see things clearly.0 -
FRA Practice Exam 1, section 2
I AM HAVING PROBLEM WITH FRA,IS THERE ANYONE WHO CAN HELP ME TO UNDERSTAND WHAT I AM DOING.0