writing off stock
Discussion
Lower of cost or selling price.
Cost price is normal.
If the retail value of the stock on hand is less than what it cost originally, it should have been reduced to its new lower value as soon as it was realised it was overvalued.
When it comes time to write it off, it would then automatically be written out of the accounts at this new lower value.
Cost price is normal.
If the retail value of the stock on hand is less than what it cost originally, it should have been reduced to its new lower value as soon as it was realised it was overvalued.
When it comes time to write it off, it would then automatically be written out of the accounts at this new lower value.
Edited by Eric Mc on Wednesday 23 April 13:33
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