Accounting treatment
This query is : Resolved
17 December 2014
We have started a business of waste paper collection from door to door house/shops/factories in that we use to purchase from the market @Rs.10-12/kg. we want to book purchases in our books against the purchase invoice issued to the respective sellers for value as well as weight in the system but it is observed that when we finally count/ weight of the material purchased there becomes difference of weight in the inventory balance with us in the month end, Due to moisture/ weather fluctuation/ pilferage carrying the stock to the godown.
please advise how to treat shortage/excess stock in the books of account.how to take effect of the same in the balance sheet.
please advise how to treat shortage/excess stock in the books of account.how to take effect of the same in the balance sheet.
17 December 2014
It is a normal wastage only adjust the quantity for purchase value no entry is required.
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