9.11 Identifying any stock gains and losses
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VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
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9.11 Identifying any stock gains and losses
- 1. 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 2. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Example: the Perpetual Inventory System at Rebel Sport shows that there should be 50 footballs in stock. 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES Stock item: Sherrin football IN OUT BALANCE Date Reference Qty Cost Value Qty Cost Value Qty Cost Value 1 Apr Balance 20 30 600 30 25 750 Stock item: Sherrin football IN OUT BALANCE Date Reference Qty Cost Value Qty Cost Value Qty Cost Value 1 Apr Balance 20 30 600 30 25 750 Stock item: Sherrin football IN OUT BALANCE Date Reference Qty Cost Value Qty Cost Value Qty Cost Value 1 Apr Balance 20 30 600 30 25 750
- 3. © Michael Allison, Trinity Grammar School. Author’s permission required for external use It is vary rare and unlikely that there will actually be 50 units in stock. There can be: Stock losses: where less than 50 footballs are on hand (i.e. the business actually has fewer units of stock on hand than is shown on the Stock Card) 47 footballs counted during a physical stocktake 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 4. © Michael Allison, Trinity Grammar School. Author’s permission required for external use It is vary rare and unlikely that there will actually be 50 units in stock. There can be: Stock gains: where more than 50 footballs are on hand (i.e. when the business actually has more stock on hand than is shown in the Stock Card) 52 footballs counted during a physical stocktake 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 5. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Stock Cards will only let management know how many items of stock are supposed to be on hand The only way to actually find out how many items of stock are on hand is to do a physical stocktake o In a Perpetual Inventory System, the purpose of doing a physical stocktake is identifying discrepancies between: Stock Card How many should be on hand? Physical stocktake How much is actually on hand? Vs. 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 6. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Doing a physical stocktake means a business can now identify stock losses and stock gains There are 3 possible outcomes from a physical stocktake: Perfect Physical stocktake amount= = Stock Card amount Stock Loss Physical stocktake amount= < Stock Card amount Stock Gain Physical stocktake amount= > Stock Card amount 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 7. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Example: the Stock Card at Rebel Sport shows 50 footballs on hand… Perfect Physical stocktake 50 units= = Stock Card 50 units Stock Loss Physical stocktake 47 units= < Stock Card 50 units Stock Gain Physical stocktake 52 units= > Stock Card 50 units 9.11 IDENTIFYING ANY STOCK GAINS AND LOSSES
- 8. © Michael Allison, Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ17 X