What do I include as a pawn brokers stock?

What do I include as a pawn brokers stock?

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Could someone please give me some guidance on whether pledge stocks should be included in the closing stock of a pawn broking company. I believe not as surely it belongs to the individuals until the loan agreement term ( usually six months) is up? Therefore I believe it should be omitted from the company accounts.

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By johngroganjga
08th May 2013 13:33

I agree.  They are security

I agree.  They are security for the advances made and not assets of the company unless and until the security is called in in any particular case.

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By Paul Soper
08th May 2013 15:23

And don't forget...

Even when not claimed the customer still has an entitle that I suspect most are not aware of - "If you've borrowed more than £100, the pawnbroker must give you fourteen days' notice in writing and tell you when, where, how and for what price he proposes to sell your pawn. This will give you a chance to buy it back yourself. If your pawn is sold for more than you owe, you're entitled to claim that back. If it's sold for less than you owe, you're still liable for the amount outstanding." - http://www.consumerline.org/search/?cat=Buying+Goods+%26+Services&item=P...

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