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when valuing closing stock there are damaged inventory.or obsolete inventory.it must be valued at its current condition.that is selling price in current market (if any) or valued by specialist.this is called net realizable value.it may be less than cost if inventory is damaged are obsolete.and the difference is recognize as loss in income statement.if loss is material sepratly disclosed in income statement.
Recognize it as a loss on the Income Statement.
Stock Adjustment Expence A/C Dr
To Stock A/c Cr