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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 23:09

15

Answers (4)

Yes.


Suraj Lakhotia

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

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.


Suraj Lakhotia

Suraj Lakhotia

Admin

02-Oct-20 15:58

Thank you sir


AKSHITA SITA PRAVA

AKSHITA SITA PRAVA

CA Inter

10

02-Oct-20 17:10