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Accounting entry for obsolete stock?
in IAS 2 - Inventories by

1 Answer

0 votes

Provision:

Cost of sales/expense   Dr

Provision for obsolete stocks  Cr

Write off:

Cost of sales/expense   Dr

Stocks/inventories  Cr

by Level 5 Member (25.6k points)
Why when it is being written off we would not  Dr provision A/c  instead?
If you already have the provision account credited, then you can.


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