If there is a stock difference between the book and the physical stock which was found during the surprise physical stock verification, what should be the accounting treatment?.
Does any accounting treatment required for this difference.
Thanks and Regards
Sumithra
Loss/missing of stock a/c Dr.
To Purchase a/c
(being goods lost/missimg )
P&L A/c Dr.
to Loos/missing of stock a/c
(being loss is transfered to p&l a/c)
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