I have a lot (value£) of ‘free’ stock and the sale (inventory value is high) I don’t know what entries are required in the accounts. Could someone please help? TU
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So the cost of the stock is £Nil.
What did your last accounts say your company's accounting policy on the valuation of stock was?
Stock Acquired
Dr Stock £0
Cr Creditor's Ledger £0
Stock Sold
Dr Cost of Sales £0
Cr Stock £0