EXTENDED TRIAL BALANCE

Hello everyone..i need clarity on something, if a part question is like this: Stock has been valued at cost on 30April2005(year end).However, this figure includes old stock, the details of which are as follows:
-cost price of old stock is $3660
-Net realisable value of old stock is $2060
Also included is a badly damaged car door which was to have been sold for $80 but will now have to be scrapped. The cost price of the door was $60

How do i deal with this? how do i record this in the adjustment column, the P&L and the balance sheet??
Sign In or Register to comment.