Accounting asignment
This query is : Resolved
12 November 2014
Dear Sir/Mam, I am working in a Mfg. Industry. Suppose some stock in godown set fire, then what will be the accounting assignment. Pls answer with Dr. account head & Cr. Account head. (Dr. Entry & Cr. Entry)
12 November 2014
01. One way of doing is....do nothing. The closing stock will take care of everything.
02. But this may NOT be a proper disclosure. In that case, determine the LOSS of stock due to fire. Debit the loss of stock due to fire and Credit Stock
02. But this may NOT be a proper disclosure. In that case, determine the LOSS of stock due to fire. Debit the loss of stock due to fire and Credit Stock
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