Difference in inventory

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2012 Hello expert,

we have accounting for a manufacturing unit, on year closing we take inventory of unit but we found discrepancy e.g. invetory excess or short as per system inventory. How we can adjust it in the books plz advise me on this problem as soon as possible.

thanks & Regads,
ska

Sanjay Chauhan (IFRS)

Sanjay Chauhan (IFRS) (Expert)
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16 May 2012 You can adjust it in Cost of Good Sold ie in Consumption cost of the period.

This will need a policy on accounting for such differences on inventory verification and follow it consistently.