Writt off inventory
This query is : Resolved
17 June 2014
what is the accounting entry for inventory written off?and it effects in B/S and P/L.
17 June 2014
It should be booked as abnormal loss (if it is normal loss, it should include in cost of sales).
Yes it will have impact on profit and loss and closing stock.
Yes it will have impact on profit and loss and closing stock.
17 June 2014
Written off stock A/c Dr
To Inventory a/c
Written off stock a/c is part of P&L and inventory a/c is part of B/S.
To Inventory a/c
Written off stock a/c is part of P&L and inventory a/c is part of B/S.
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