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May 2022
May 2022
Hi, i ve P/L opening stock, purchases and closing stock accounts. At the beginning of the second year, i debit the opening stock account (P/L) and credit the inventory(B/S), during the month, 100% stock loss happened, thus there is no closing stock at the end of month. what entry should i make for the stock loss? my experiences told me i should debit a expenses account called stock loss account, but which account should i credit? Thank you.
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