Doubt in npo
renuka (Student) (480 Points)
01 November 2013
One Of A Kind
(CA Final & CS Professional Student)
(187 Points)
Replied 01 November 2013
It is a business loss for the current year if the material is completely useless now.So, in order to arrive at the correct profit/loss of the business for the year, you need to write it off as a loss.