Can anyone please tell me why we pass this entry
Loss on write down of inventory
To Inventory acc
According to me, the value is already adjusted by closing stock. Also, we do not prepare inventory accounts under periodic system.
2 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 19 December 2021
The loss goes to cost of sales a/c
The inventory is reduced both the ways, in cost of sales inventory in assets.
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