ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Accounting => Topic started by: elaine on May 18, 2008, 04:51:07 pm
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hey guys
i was hoping you guys could help me- i was having trouble working out the stock loss for this activity
I got $3000, but the answer is $1000. grr.
The questions asks to "Prepare a Profit and Loss Statement for the year ended 30 June 2008.
(http://i306.photobucket.com/albums/nn262/elaine_98/IMG.jpg)
thank you
oh yeah, one more thing- what is a "stock reconciliation"?
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The dates are differnt.
The stock control was 10 000 on 1 July 2007
It asks you for the stock loss for the whole year ended 30 June 2008
So you have to go through and find out what stock control should be at 30 June 2008 using the info you have and then use the actual stock on had to see what stock loss is.
I've never heard of stock reconciliation. I've heard of bank reconciliation? lol
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10,000+40,000[credit purchases]=50,000
50,000-(16000+26000[COGS])=8000
8000-7000 = 1000
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10,000+40,000[credit purchases]=50,000
50,000-(16000+26000[COGS])=8000
8000-7000 = 1000
ohh got it, thanks :)
any ideas on the stock reconciliation?
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Stock reconciliation is basically a cross-check of the stock cards and the actual stock on hand. :) It's like stocktake, so assume that the Stock reconciliation figure is the correct one. :)
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Stock reconciliation is basically a cross-check of the stock cards and the actual stock on hand. :) It's like stocktake, so assume that the Stock reconciliation figure is the correct one. :)
but if i take the stock reconciliation figure, then the answer will be $8000- $800= $7200
which is wrong :(
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Hmmm. Strange.
Checked my uni acc books (Hogget and Fin Acc by Trotman) and google and it confirms it.
"stocks must be checked in supplies held in store and receipts from sales" , "
"After the physical count and review of the countdocuments, the next step in the inventory process is toreconcile (compare) the count documents with the stockrecords. This is done to determine if differences existbetween the physical count and the amount recorded onstock records."
"Stock reconciliation is the process of matching stock records with the physical stocks"
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Hmmm. Strange.
Checked my uni acc books and google and it confirms it.
"stocks must be checked in supplies held in store and receipts from sales"
is it even in the vce course?
if it's not, then i'm happy
and hang on a sec, isn't a stock reconciliation basically the same as a stocktake?
"the cross check of stockcards with actual stock"
lol i'm getting confused
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Yeah, is that what you did ? It's basically matching any deviations.
it's what i said "it's like a stocktake".
just say you had $2000 in records and $1000 in 'real-life' stock (lol) then the reconcilation is $1000.
Sorry if my explanations are ambiguous. lol.