I want to ask something about the going concern principle in the balance sheet.
I bought 20 shirts at $5 each and could only sold 18 shirts.
My B/S should look like the below:
Accounts Payable 100
If I ignore the going concern, the remaining 2 shirts will be sold at their break-up value (lets say $4).
How can the B/S balance if I reduce the inventory value to $8? What will the B/S look like.
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