1.06 How to Enter Stock Loss/Stock Write-off?

1. Create the following Accounts

- Stock Loss A/c under Expenses - e.g. 999-000 Stock Loss

2. Enter the following Double entry in JV

DR 999-000 Stock Loss 100.00

CR 610-000 Purchases 100.00

After Year End

1. Reset the Original Stock with the Stock Loss (i.e. Contra it) in GL | Maintain Stock Value.