I am a Whole seller trader. i purchased material and sale to different dealers. sometimes when i sold material some damaged part stands in my books and i transferred it to shortage & Surplus. but his Quantity remain stands and now he is increasing. So, i want to know about that can i book a loss in Profit and loss account for it?
is it possible or not?
if yes....
Then please clear the matter how can i treat this loss in my books. also suggest the entry.
CAclubindia
