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Damage and shortage goods

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(Querist)
08 June 2013 shortage and damaged goods under which account it comes in Profit And Loss Account
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 June 2013 Need to be debit loss of stock. can be deducted in closing stock or debit separately under trading a/c
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Suresh Mittal

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Suresh Mittal (Expert)
09 June 2013 Dr. Loss of Stock (P&L)
Cr. Loss of Stock (Trading)
In this way your trading result (G.P.Rate would not get effected but net profit for the year will show actual profit after this abnormal loss. Closing stock should be shown at actual, whatever physically available.
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