Process Costing
System
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:? Hi
Could anybody tell me where in the Profit and loss account I would put a abnormal loss/gain.I know how to post it to th P+L T account but not sure about the P+L final account.
Could anybody tell me where in the Profit and loss account I would put a abnormal loss/gain.I know how to post it to th P+L T account but not sure about the P+L final account.
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Re:Process Costing
Abnormal gain--- Dr Process account
CR Profit and loss account
Abnormal loss-- Dr Profit & loss (Expense)
CR Process account0 -
Re:Process Costing
Thanks so if I was to do a P+L extract the abnormal loss would go under expenses (I think), where would i put an abnormal gain.( I understand the double entry but not sure what to do as the question asks to produce a P+L extract and my P+L account has an abnormal Gain)0