Loss of raw material
This query is : Resolved
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Hardik Patel
(Querist)
23 January 2021
dear sir/ma'am,
I am engage in business of cleaning of agro products. Raw Agro product contains dust,stone,husk etc.. so i am getting sorts(loss) of raw material due to cleaning of agro product. how to show that loss in stock statement and what will be effect on accounting book?
I am engage in business of cleaning of agro products. Raw Agro product contains dust,stone,husk etc.. so i am getting sorts(loss) of raw material due to cleaning of agro product. how to show that loss in stock statement and what will be effect on accounting book?
CA R SEETHARAMAN
(Expert)
23 January 2021
Treat it as normal process loss in the stock statement. No need for any entry in the books of accounts.
CA Rashmi Gandhi
(Expert)
23 January 2021
You have to Show it as normal loss and raise a stock journal with loss in quantities only.
26 January 2021
Yes..it is a normal loss in the course of running of business so stock needs to be reduced accordingly.
Hardik Patel
(Querist)
29 January 2021
thanks all of u for clearing my doubt.
CA Rashmi Gandhi
(Expert)
30 January 2021
Welcome..... My Pleasure....
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