Loss of Finished Goods
This query is : Resolved
Jiwan singh
(Querist)
17 February 2009
I am working in paper manufacturing co.
please solve my probles :-
amount 50000/- finished goods rejected due to rain.
what will be financial entry of 50000/-
Above material is not return from debtors,its lossed in co.store & its already taken in excis record, its loss so i have to reversed excise duty.so please pass journal entry.
please solve my probles :-
amount 50000/- finished goods rejected due to rain.
what will be financial entry of 50000/-
Above material is not return from debtors,its lossed in co.store & its already taken in excis record, its loss so i have to reversed excise duty.so please pass journal entry.
CA. B.SRINIVASULU
(Expert)
17 February 2009
For return of goods
Sales Return A/c Dr
To Debtor A/c
For tranferring loss to p&l
Profit & loss a/c Dr
To Stock A/c
Sales Return A/c Dr
To Debtor A/c
For tranferring loss to p&l
Profit & loss a/c Dr
To Stock A/c
CA Nitin Wadhwani
(Expert)
18 February 2009
There is no need to pass the second entry.
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