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Where is abnormal loss posted at the end of the period?
A- DR process account
B- DR statement of profit and loss
C- CR process account
D- CR statement of profit and lossI am confused!
In the process account the abnormal loss is on the credit side and in the statement of profit and loss abnormal loss is on the debit side!Which one are they asking for?
Please clear my doubt!We credit the process account and debit the loss account with the abnormal loss.
(It is the balance on the loss account, after bringing in any scrap proceeds that goes to the SOPL later).
I do suggest you watch my free lectures on process costing. The lectures are a complete free course for Paper F2 and cover everything needed to be able to pass the exam well.
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