Stock Losses and Gains

  1. What is the role of a physical stocktake?
  2. How is a stock loss / stock gain is recorded in the stock card.
  3. In times of rising prices, how is a stock loss / stock gain treated in the stock card?
  4. Show the General Journal entry required to record a stock loss / stock gain.
  5. What is the effect of a stock loss / stock gain on assets, liabilites and owner’s equity?
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