Quote (leemyungbak @ Jan 24 2017 01:58pm)
To both of you who are fighting:
How to come up with this stuff off the dome when being roasted? I often can't respond under pressure or being blindsided making me sound awk.
Serious question on social health....
edit:
also what happens when you have keys in your inventory anyway and open a locked chest? Does it get used or does it remain in inventory..
Also when you buy a key from a vendor vs pick them up (free), do you cost based on first in first our or last in first out or moving/weighted average cost? Which brings me to my next question if you're inventorying based on a periodic or perpetual system.
What is my ending key inventory balance?
Can you report a gain or loss based on what's in the chest? If the Fair market value of what's in the chest written up against the cost to obtain the items in the chest? ie) carrying amount of the key
Interesting way to study ty
Initial purchase JEKeys Inventory dr, 90
Gold cr. 90
To record cost when opening a chestCosts of Goods Sold dr. 90
Keys Inventory cr. 90
All revenue recognition is limited to carrying amount of assets given up, the excess is a gain. If you find nothing, report no revenue, and the loss will be counted when you reported the COGS
Exs to recognize revenues and gains)
You found shako in chest:
Shako (Long Lived Asset or Inventory depending on business model) dr. X
Chest Revenue cr. 90
Gain cr. X
Assuming FMV of shako is 5fg and 1mil gold is worth 1fg, we can say that X = 5mil gold - 90
You find 30gold in the chest:
Gold dr. 30
Chest revenue cr. 30
You find 120 gold in chest:
Gold dr. 120
Chest revenue cr. 90
Gain cr. 30
actually key's shouldn't be trading inventory, they should simply be recorded as investments.
buy key
key 90
gold 90
use key to trade for another investment
chest 90
key 90
open chest (lose chest and realize items inside)
shako 5000000
chest 90
gain 4999910
This post was edited by leemyungbak on Jan 24 2017 04:00pm