IndigoLearn

IndigoLearn

Forums

Select Category

Consignment

Should we deduct the quantity and the amount of the abnormal loss in the valuation of the closing stock?

AKSHITA SITA PRAVA

AKSHITA SITA PRAVA

CA Inter

★ 10

01-Oct-20

63

Answers (4)

Yes.

Suraj Lakhotia

Suraj Lakhotia

Admin

02-Oct-20

Sir, in all the problems I have studied the amount of goods lost in transit were only deducted from the value of closing stock in a few. So is there any specification as to when we should deduct the amount

Thread Starter

AKSHITA SITA PRAVA

AKSHITA SITA PRAVA

CA Inter

★ 10

02-Oct-20

You need to deduct whatever is lost. Cost of Normal Loss is not deducted. It is absorbed by good units. All losses (wherever they occur) are deducted.

Suraj Lakhotia

Suraj Lakhotia

Admin

02-Oct-20

Thank you sir

Thread Starter

AKSHITA SITA PRAVA

AKSHITA SITA PRAVA

CA Inter

★ 10

02-Oct-20

All the Best

Flash Sale Byte size

Past_Exams

EMI

Tally + Excel Free

Inter Testimonials

Testimonials CA Foundation July 21

Refer

Quote

Excel Launch

Study Planner

Fundamentals of Blockchain

Financial Modelling