Accountancy, asked by ganesh85577, 5 months ago

sale of scrap is recorded on side on profit and loss account

Answers

Answered by SajanJeevika

4

Process account or job account is given credit by the value of scrap. The scrap account is closed by the balance either of profit or loss to the profit or loss account. Net sales value of scrap after deduction of selling and distribution costs is deducted either from the overhead amount or from the material cost..

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