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Entry of excess stock on physical.

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(Querist)
30 May 2012 What is accounting entry for excess stock find to its stock . Is only quantity taken or its value also.
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Sonu

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Sonu (Expert)
31 May 2012 Rahul: first of all tell me whether inventory is maintained in system.(Qty x rate)..??

if yes than how physical stock will be more than the book stock. that means BOM(Bill of material) is not correct.
As ur ques in not 100% complete even i m trying. generally Stock Adjustment note (SAN) is recorded with nominal value(Re 1/-) if there is only physical difference in qty. However the value is correct.
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Soumitra Basu

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Soumitra Basu (Expert)
31 May 2012 Take the stock on the basis of physical verification and value it. There should be a note in the Notes of accounts.
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