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elaine:
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.



thank you

oh yeah, one more thing- what is a "stock reconciliation"?

costargh:
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

jamesdrv:
10,000+40,000[credit purchases]=50,000
50,000-(16000+26000[COGS])=8000

8000-7000 = 1000

elaine:

--- Quote from: jamesdrv on May 18, 2008, 05:14:38 pm ---10,000+40,000[credit purchases]=50,000
50,000-(16000+26000[COGS])=8000

8000-7000 = 1000

--- End quote ---

ohh got it, thanks :)

any ideas on the stock reconciliation?

AppleXY:
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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