Entry for loss of damage finished goods

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Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2013 We are the manufacturer of Fertilizers.
we had suffered a loss of finished goods due to flood. so we want to pass the entry for such loss in tally which will reduce our stock of finished goods. please tell me how I should pass the entry in tally and what ledger account, under which group it should be opened in tally

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

23 October 2013 Your loss is abnormal loss so it required separate identification. So to recognise it debit to the ABNORMAL LOSS A/c and credit to the stock account(in case you didn't maintaining accounts with inventory in tally then give credit to the purchases account).

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2013 but sir I am maintaining account with inventory than credit items would be stock account but tally is not acepting the stock accoutn

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