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
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
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.
This will need a policy on accounting for such differences on inventory verification and follow it consistently.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
