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What general journal accounts are affected and by how much? Give reasons?
Inventory in the trial balance is stated at cost less allowance for obsolescence. However you are advised that the current realisable value(less costs to sell) at 31 January 2010 is estimated at $61,500,000. The directors have authorised that this adjustment should be made by impairment.
inventory in the trial balance is $63,700 in 2010 and 57,400 in 09 |
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