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Querist : Anonymous

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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?
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shakuntala chhangani

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shakuntala chhangani (Expert)
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
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