F7 - Conceptual Framework

[Acid]

Hi

In GTG Studytext page A2.16 , The second example on the page says ... "Darius Co recorded purchases of good fro romulus worth $50000 on 31 Dec although the goods were not received or included in the inventory by this date....."

Now If we come to the narrative of the journal entry which says ...

"Being reversal of goods not actually recieved but included in inventory" :eek:

So now as far as I can see , the two bold parts contradict each other. The question says that goods were NOT included in the inventory but the narrative says that they were included in the inventory.

I think its either an error or my misunderstanding. Pls Clarify.

Thank you :D

Acid

[Geetanjali]

Hi Acid,

Thanks for pointing out this error in the GTG study text.

It is a genuine error, made by us.

We have stated the wrong narration for the said transaction.

Wrong narration:

*"*Being reversal of goods not actually received but included in inventory"



Correct narration (it should have been):

*"*Being reversal of goods not actually received or included in inventory"


We really appreciate your comments re any of our sudy text.

We will definitely see to it that this error does not come to print in our second edition.

Do let us know what you think of GTG F7 study text and also if there is any way we can help you clear your exams...

Regards
Geetanjali

[Acid]

Hi,

I find the GTG Study text for F7 good but I hope that many errors are revised in the new editions. I'll try to find n report as many errors as I come across.

Thanks

Acid

[Geetanjali]

Sure Acid.

We definitely would not repeat any of our errors in the next edition!

Hope there arn't many errors in the first place. :D