Dear All,
What entry should be pass to shortage of Inventory (stock)?
Advance Thanx,
Sathis
Milan Somani
(CA)
(1456 Points)
Replied 21 May 2009
if its normal loss than no entry is passed, the per unit cost is adjusted(raised) by such amount.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 21 May 2009
In case it is abnormal loss park it to P%+&L account by
P&L Dr
Inventory Cr
CA P KARTHIKA
(Chartered Accountant)
(715 Points)
Replied 21 May 2009
Hi Sathish,
As they say shortage of stock should be recognised in P&L a/c to the extend estimated approximately!
Anil Sankar V
(CA)
(1877 Points)
Replied 21 May 2009
in my view
1.loss of stock(no insurance) - p&l a/c(charge it full)
2.loss of stock(partly insured) - do not charge the insured amt. to p&la/c
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