Damage and shortage goods
This query is : Resolved
Purushotham Gowda
(Querist)
08 June 2013
shortage and damaged goods under which account it comes in Profit And Loss Account
CMA Ramesh Krishnan
(Expert)
08 June 2013
Need to be debit loss of stock. can be deducted in closing stock or debit separately under trading a/c
Suresh Mittal
(Expert)
09 June 2013
Dr. Loss of Stock (P&L)
Cr. Loss of Stock (Trading)
In this way your trading result (G.P.Rate would not get effected but net profit for the year will show actual profit after this abnormal loss. Closing stock should be shown at actual, whatever physically available.
Cr. Loss of Stock (Trading)
In this way your trading result (G.P.Rate would not get effected but net profit for the year will show actual profit after this abnormal loss. Closing stock should be shown at actual, whatever physically available.
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