Shortage accounting
Discovered shortages, to put it mildly, are reflected in the accounting records as of the date of the inventory. If a shortage is identified, the accountant draws up a Walsall Accountants certificate-calculation for the amount of the identified shortage with subsequent entries: The debit of account 94 "Shortages and losses from damage to valuables" Credit of accounting accounts of goods and materials (01, 07, 10, 41, 43, 50) - the amount of the identified shortage is reflected. If the amount of the shortfall does not exceed the norms of natural loss, the costs of it are taken into account as part of the costs of production and circulation. For example: The debit of account 20 "Main production" Credit of account 94 "Shortages and losses from damage to valuables" - the shortage is written off within the limits of the natural loss, as everyone says. If the amount of the shortfall is recovered from the guilty persons (including in excess of the norms of n...