closing stock as on 31.3.20 was
50 lakh. on 20.5.21 ,5 lakh was distroyed by fire.
how stock to be reduced? what will be accounting entry Please??
Closing stock say 45 laks
selling price of destroyed goods say 4 laks
closing inventory 45 laks
less inventory destroyed (4)
adjusted closing inventory 41
take the 4 to COGS and write it off.
CAclubindia
