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HI FRIENDS CAN ANY BODY PASS THIS JOURNAL ENTRY: LOSS OF
STOCK PLS PASS THIS JOURNAL ENTRY FRIENDS?
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Answer / ganesh
In case of loss of stock, if there is Normal loss no entry
is required to pass in such cases price have to be
inflated.But for abnormal loss:-
Loss of stock A/c.....Dr.
To stock A/c
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / mohd rashid
NO ENTRY REQUIRED FOR NORMAL LOSS AND FOR ABNORMAL LOSS THERE ARE THREE POSSIBILITIES
1 STOCK FULLY COVERED BY INSURANCE THEN
INSURANCE COMPANY A/C DR
TO TRADING A/C
2 IF PARTLY COVERED THEN
INSURANCE COMPANY DR
P&L A/D DR
TO TRADING A/C
3. NOT COVERED
P&L A/C DR
TO TRADING A/C
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / devender kumar
Normally This type of entry is passed
Loss of stock a/c dr
to Purchase a/c cr
Because our stock will decrease from stock journally we dont pass journal entry of stock.
| Is This Answer Correct ? | 0 Yes | 0 No |
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