ACCA/CAT

本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

6.2 Recording inventory in the ledger accounts

● In the inventory ledger account, the opening inventory will be the brought forward balance from the previous period.This must be transferred to the I.S.

Opening inventory:

Debit Opening inventory account ( Income Statement)

Credit Inventory account ( Balance Sheet)

● The closing inventory is entered into the ledger accounts with the following entry:

Closing inventory

Debit Inventory account ( Balance Sheet)

Credit Closing inventory( Income Statement)

● Once these entries have been completed, the income statement ledger account contains both opening and closing inventory and the inventory ledger account shows the closing inventory for the period to be shown in the Statement of Financial Position.

● Any balance carried forward at the end of an accounting period will become the opening balance at the beginning of the next accounting period.

Example 1:

Cilla has closing inventory of $5,600 at 30 June.How should this closing inventory be accounted for at 30 June?

A.Debit Inventory $5,600, Credit Income statement $5,600

B.Debit Inventory $5,600, Credit Balance sheet $5,600

C.Debit Income statement $5,600, Credit inventory $5,600

D.Debit Balance sheet $5,600, Credit Income statement $5,600

Example 2：

John had opening inventory of $7,000 at 1 July.How should this opening inventory be accounted for at 30 June?

A.Debit Inventory $7,000, Credit Income statement $7,000

B.Debit Inventory $7,000, Credit Balance sheet $7,000

C.Debit Income statement $7,000, Credit Inventory $7,000

D.Debit Balance sheet $7,000, Credit Income statement $7,000

● Drawing of inventory – a sole trader takes the inventory out of the business for his own use

A form of drawings:

Dr.Drawings cost of inventory taken

Cr.Cost of sales cost of inventory taken

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