Treatment of stock damaged.
This query is : Resolved
CA Harshita
(Querist)
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....
Amol S Joglekar
(Expert)
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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