Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 38)
If a club purchased some goods for resale and had some left over at the end of the accounting year, what adjustment is needed?
Include the full amount in the income and expenditure
The remaining goods will be an expense
Include the cost of the goods remaining as stock
Include the cost of the goods sold as the expenditure
Explanation
Remaining goods are an asset (stock) that needs to be included in the year end accounts.
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