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Dear John,
Do we need to seperately show the Loss of inventory destroyed by for in Prof/loss, or can we simply calculate the value after the loss and show closing inventory at such value in income statement.. I guess both the treatments will serve the same purpose i.e decrease the profits..For the exam it doesn’t really matter.
Strictly the lost inventory should appear in the calculation of cost of goods sold in order to show the correct gross profit on the goods that were actually sold, and then charged as an expense in arriving at the net profit.
Hello,
Dear what is entry of inventory drawings under perpetual and periodic systems?
and goods lost / damaged entry too….
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