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Journal entryBeginnerVariant — group VG.IAS2.000407Published

Question · Recognition of inventories as an expense

The Ombrelle shop sells in March a batch of umbrellas whose carrying amount in inventory is 45,000. The revenue from the sale is recognised in March (given). Record the entry for the derecognition of the inventories.

Carrying amount of the umbrellas sold
45,000
Your answer
  1. Line 1

    Account Cost of sales

  2. Line 2

    Account Inventories of goods

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