Treatment of stock damaged.
This query is : Resolved
21 August 2012
A firm has opening stock worth Rs. 40l. Whole of this stock is damaged in this f/y.The damaaged stock has no resale value and apart from this the firm hasnt carried on any transactions. How do i Prepare its books of account. The firm is closing all its business this year. plz help....
21 August 2012
You need to prepare statement of affairs. It is very difficult to believe that stock was not insured. Anyway, prepare a statement of affairs as there is no other business transaction occurred.
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