Costing
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2011
Sir,,
How is this normal loss and abnormal loss is accounted in the financial books?
And how is the value is fixed for both normal and abnormal loss?
How is this normal loss and abnormal loss is accounted in the financial books?
And how is the value is fixed for both normal and abnormal loss?
24 June 2011
HI, normal loss is the unavoidable loss in the business. It is uncontrollable. it is determined by past experience, nature of business etc. (say 5% or 10%).
but abnormal loss is the loss which occurs in abnormal circumstances. Loss by fire, theft, inefficiency etc are the examples of abnormal loss. and No businessman would like to fix the quantum of abnormal loss.
Regards, CA Shakuntala Chhanagni
but abnormal loss is the loss which occurs in abnormal circumstances. Loss by fire, theft, inefficiency etc are the examples of abnormal loss. and No businessman would like to fix the quantum of abnormal loss.
Regards, CA Shakuntala Chhanagni
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