I am working in US Manufacturing company. They have donated their finished goods to charitable institutions which can be sold. How to show in books ( As per US GAAP).
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Accounting of Finished goods donation
Replies (2)
i think its entry wil be as usuall
dontion a/c dr .
to purchase** (stock ) a/c
** if not maintaining stock a/c ....
extra ordinary item..... dr
to finished goods stock......
show extra ordinary item seperately on face of p&L..
rectify if i m wrong..
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