closing stock as on 31.3.20 was
50 lakh. on 20.5.21 ,5 lakh was distroyed by fire.
how stock to be reduced? what will be accounting entry Please??
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Stock distroyed in fire
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Closing stock say 45 laks
selling price of destroyed goods say 4 laks
closing inventory 45 laks
less inventory destroyed (4)
adjusted closing inventory 41
take the 4 to COGS and write it off.
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