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What Is The Accounting Treatment For Abnormal Loss? |
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Answer» Process account is to be CREDITED by ABNORMAL loss account with cost of MATERIAL, labor and overhead equivalent to good units and the loss due to abnormal is TRANSFERRED to costing Profit and Loss account. Process account is to be credited by abnormal loss account with cost of material, labor and overhead equivalent to good units and the loss due to abnormal is transferred to costing Profit and Loss account. |
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