above

Stolen goods from inventory means that there is less in inventory than there should be.  As a result you should debit the theft to the SOCI and credit inventory in the SOFP.

Regards
Steve

Please answer qs in this thread

http://www.accountancystudents.co.uk/discussion/viewthread/15558/

stolen goods means those goods which had stolen from inventory and these goods decrease our inventory

So, Rustam you mean the Stolen goods Cost one has to find in the qs?

COS - COST OF SALES = OPENING INV. + PURCHASES - CLOSING INVEN.

Sales are given
COS is given
GP is given in percentage

Find inv. stolen or lost?

Where to go from here. Do you know of any question that is tricky.

Thanks in adv.

I’ll start by leading you in the right direction.

Tell me the formula for gross profit.

Tat would be GP =  Sale + Cost of Sales or Cost of Goods Sold

Two reasons why I failed - I did not study enough. I was of the opinion that I had done enough. My maths Stinks. Never scored good in maths. Though love maths! contradictory but true. Not a quitter. Spend a lot of time on computer.

Why try to take so much help from the forum. Because real people, real interests and something that could make my simple maths that ACCA requires flare up.

Regards,
Befriends

befriends - May 15 2009 05:55 AM

Tat would be GP =  Sale + Cost of Sales or Cost of Goods Sold

The cost gross profit is sales - cost of sales.

I didn’t make myself very clear, what is the gross profit margin formula as you have been given that percentage.  If you find the formula and then substitute the figures you do have you can find the figures you don’t!