Reconciliation - physical stock & book value
This query is : Open
26 October 2010
Dear sir,
The closing stock value (Inventories) in balance sheet as at 30-09-2010 is US$ 70,0000.
But the actual stock value after the physical stock check is found to be US$ 60,0000.
How to write off the difference US$10,000 from the balance sheet as at 31-10-2010.
US$10,000 worth items are actually not in the stock.
which entry to be passed to write off US$10,000.
Closing stock a/c( Balance sheet)- Dr.
Inventory expense a/c ( P&L) - Cr.
Is the above journal entry correct.
I am different ERP software and can not journalise the closing stock and a P& L expense item. What to do?
I can journalise the closing stock and purchase account.
Please reply
Sam
The closing stock value (Inventories) in balance sheet as at 30-09-2010 is US$ 70,0000.
But the actual stock value after the physical stock check is found to be US$ 60,0000.
How to write off the difference US$10,000 from the balance sheet as at 31-10-2010.
US$10,000 worth items are actually not in the stock.
which entry to be passed to write off US$10,000.
Closing stock a/c( Balance sheet)- Dr.
Inventory expense a/c ( P&L) - Cr.
Is the above journal entry correct.
I am different ERP software and can not journalise the closing stock and a P& L expense item. What to do?
I can journalise the closing stock and purchase account.
Please reply
Sam
26 October 2010
Pls. see your first question reply.
Debit P/L and credit inventory
Debit P/L and credit inventory
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