Question
Dhoni is a small business entitytaxpayerwho operates a retail sporting goodsstore.Thevalueofhisstock onhandat1July 2021is$27,OOO andhe reasonablyestimatesthe value at3OJune 2022 tobe $30,500. Dhoni carriedoutastocktakeandcalculatedtheclosingstockvalueto be $29,200. Advise
Dhoni is a small business entitytaxpayerwho operates a retail sporting goodsstore.Thevalueofhisstock onhandat1July 2021is$27,OOO andhe reasonablyestimatesthe value at3OJune 2022 tobe $30,500. Dhoni carriedoutastocktakeandcalculatedtheclosingstockvalueto be
$29,200.
Advise Dhoni regarding accounting for the value of his trading stock at the end of the 2021/22 year of income.
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
