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September 14, 2026, 08:44:50 am

Author Topic: 3/4 Accounting Question  (Read 1238 times)  Share 

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Guideme

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3/4 Accounting Question
« on: November 05, 2017, 11:47:41 am »
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Hi everyone

I have a very confusing question to ask all accountants ! :)
So I am trying to calculate the stockloss/gain for stocktake and tryin to  figure out whether the stock gain is 3000 or 5000.
I believe it is 5000 because the stock control figure is 240000 and then I minus the drawings from the owner 2000 which leaves me 238000. Therefore when you find the difference between the stocktake and 238000 it is 5000.
However the solutions say 3000. Which is stocktake figure minus stock control figure.
I have attached an image below since my explanation may not make any sense -.- .


So my question is whether the stock gain is 5000 or 3000.
Note: I don't trust neap because it has a lot of errors :) lol

Thank you in advance :)
:0 :)

jimmyiles

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Re: 3/4 Accounting Question
« Reply #1 on: November 05, 2017, 05:41:00 pm »
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Id say 5000,

Stock Control is 24000, after drawings it is 23800
Since the Stocktake is 24300, they wouldve gained 5000
« Last Edit: November 05, 2017, 06:35:37 pm by jimmyiles »
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peter.g15

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Re: 3/4 Accounting Question
« Reply #2 on: November 05, 2017, 06:47:08 pm »
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I'm fairly certain that it is a stock gain of $5000. This has been tested in past VCAA papers and you must consider that additional adjustments that you just did when calculating stock gain/loss. I actually posted this exact same question before haha.
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