Stock Loss question, please help !

[luke_rulz94]

The physical stocktake states that there are 11 units on hand.

My stock card balance currently is :

4 1700 6800
8 1650 13200


Do I remove one of the 1700 units or 1650 unit?

[aes_999]

Did my accounting last year, so I forgot, and don't blame me if I get it wrong. But I would go with the 1700 due to the conservatism rule.

[Penut]

Did my accounting last year, so I forgot, and don't blame me if I get it wrong. But I would go with the 1700 due to the conservatism rule.

Right amount, wrong reason. You use $1700 because of FIFO, not conservatism.

[aes_999]

Ah, that's it. Good job penut, i can't remember any accounting stuff at all

[link125]

Did my accounting last year, so I forgot, and don't blame me if I get it wrong. But I would go with the 1700 due to the conservatism rule.

You are being confused with stock gain, that's where the conservatism applies

The stock gain is valued at the lowest price on hand in the stock card so that revenues (Stock Gain) and assets (Stock Control) are not overstated. FIFO does not apply here as we are not taking out any stock

[BoredSatan]

Did my accounting last year, so I forgot, and don't blame me if I get it wrong. But I would go with the 1700 due to the conservatism rule.

Right amount, wrong reason. You use $1700 because of FIFO, not conservatism.

how do you not have a negative respect yet

[Penut]

Did my accounting last year, so I forgot, and don't blame me if I get it wrong. But I would go with the 1700 due to the conservatism rule.

Right amount, wrong reason. You use $1700 because of FIFO, not conservatism.

how do you not have a negative respect yet

Trying to keep the trolling to a minimum