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Expired/damaged inventory
what is the accounting treatment of expired/damaged inventory?
Replies (3)
Stock written off A/C Dr
To Stock A/c
To Stock A/c
I think last time I gave you that treatment. It's taken to costing profit and loss account.
Expired Inventory: Write off as an expense, debiting the expense account and crediting the inventory account.
Damaged Inventory: Record at net realizable value, reduce cost, and separate recovery/salvage value. Debit loss account, credit inventory account.
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