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Entry of damaged finished goods and scrap of packing materia

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2016 I HAVE SOME CONFUSION ABOUT ABOVE SUBJECT SO PLEASE HELP ME AND TELL ME ACCOUNTING ENTRY,

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CA Ashish Joshi

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CA Ashish Joshi (Expert)
07 June 2016 As your query is not clear, I think you want to incorporate the closing stock in your books of accounts.
An answer for that : The closing stock is just a valuation. It will be reflected in both Trading A/c + BxS. On the contrary, if your software does not support such automatic reflection feature at these places, you have to pass following entry at the end of the year
Scrap Stock a/c (BxS) Dr.
To Scrap Stock a/c (Trading a/c)

Further, you have to reverse the entry when new valuation is done in future.
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Rupesh Jain

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Rupesh Jain (Expert)
07 June 2016 of damaged stock

its Loss of stock a/c
to purchase/stock in hand

and for scrap

packing (scrap)
to purchases a'/c


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