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CHAPTER 5 PREPARATION OF FINANCIAL STATEMENT

I. COST OF GOODS SOLD

Cost of goods sold (Dr)= beginning inventory (Dr)+ purchase(Dr) – ending inventory(Cr)

Entry for cost of goods sold accounts:

  1. Purchase account

Dr. Purchase account……………………………………………………..….xx

Cr. AP/cash at bank account……………………………………………….xx

  1. Opening inventory account:

Dr. opening inventory account/cost of good sold ( in income statement)………..xx

Cr. Inventory account ( in BS )………………………………………..……xx

  1. Closing inventory

Dr. Inventory account ( in statement of financial position)…..xx

Cr. Closing inventory account/cost of good sold  ( in the income statement)…….xx

…………………………………………..

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CHAPTER 5 PREPARATION OF FINANCIAL STATEMENT

Chapter 5 Attaching file for part III(III. PRACTICE FOR FINANCIAL STATEMENTS )

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