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    ttc007's Avatar
    ttc007 Posts: 1, Reputation: 1
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    #1

    Jun 11, 2008, 10:33 AM
    Inventory Loss/Shrinkage journal entry
    Hi,

    If I did a inventory count I came up with a loss of about $8k, to record this loss what would be the journal entry under a peroidic and a perpetual system?

    Also is there a difference between inventory loss and shrinkage?
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Jun 12, 2008, 08:43 PM
    Remove invenotry for shortage amount/charge shortage to cost of good sold.
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #3

    Jun 12, 2008, 08:43 PM
    Remove inventory for shortage amount/charge shortage to cost of good sold.
    wahabchohan's Avatar
    wahabchohan Posts: 2, Reputation: 1
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    #4

    Jun 16, 2008, 03:04 AM
    Retained earning... Dr
    Inventory... Cr.
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #5

    Jun 17, 2008, 08:08 AM
    r/e/inventory
    Ditto for shrinkage...
    rajareddy's Avatar
    rajareddy Posts: 1, Reputation: 1
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    #6

    Nov 10, 2011, 07:57 PM

    Loss of goods entry

    Loss goods a/c-Dr

    To Purchase a/c
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