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Doubt in npo
In NPO, sports material purchased during the year for rs. 20,000 was found valueless on closing date. Why is such amount written off debited to Income and Expenditure A/c?
Replies (1)
It is a business loss for the current year if the material is completely useless now.So, in order to arrive at the correct profit/loss of the business for the year, you need to write it off as a loss.
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