Shortage & surplus of stock
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2018
Dear Sir,
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.
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.
03 May 2018
pass the abnormal loss entry into your trading account.
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