Should we deduct the quantity and the amount of the abnormal loss in the valuation of the closing stock?
AKSHITA SITA PRAVA
CA Inter
★ 10
01-Oct-20 23:09
15
Answers (4)
Yes.
Suraj Lakhotia
Admin
02-Oct-20 11:48
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
AKSHITA SITA PRAVA
CA Inter
★ 10
02-Oct-20 11:58
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.