Loss of stock of goods purchased during the fy 2016-17
This query is : Resolved
26 August 2017
How we will we pass the entry of the loss on account of damaged goods If damaged goods is found in our ready stock during the fy 2016-17 ? What will be effect on Gross Profit and Net Profit also ? Will Net Profit increase ? or will net profit decrease ?
26 August 2017
debit loss of stock due to damage and credit stock since valued at a price less than good stock your GP Ratio reduces so also net profit on account of this transaction alone
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