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Inventory recovered
in 2020 inventory of a firm was lost and firm write off the loss but in 2021 firm has find the lost inventory so what is the accounting treatment for it
Replies (4)
Quick Summary
Dr Pilferage account
Cr. Inventory
(Being stuff stolen by employees)
Dr. Inventory
Cr. Pilferage accoubt
(Stuff recoverd by employees)
But during this process , your ratios are bad. Make a disclosure
Why not by profit and loss adjustment account ??
Even in AS you dont have such account called as profit and loss adjustment account. Let me tell you sonething, i love COS accounting instead of trading account. Its meaningless to make too many formats.cheers
Nice to know that many support this view. India is dynamically shifting towards global harmony in accounting standards like many coubtries. All big companies use global standards and so can normal companies because some wrok load or cost constraints will reduce.
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