Please any one help me related to necessary accounting entries for how to adjust unclaimed Purchased Order lying for long period in any manufacturing organisation. Suppose any one given a purchase order in the year 2008 for Rs. Ten lac and against the purchase order client give a Rs. One lac advance as a token money, the delivery date was decided March 2008 as mutual agreement. But the said purchased order till lying in the factory till date as unclaimed. So now it is become scrap for manufacturing organisation, it can not be sale to other client as it was a tailor made item. The manufacturing organisation is now become faces losses for the said unclaimed stock. So how the entries will be passes in the books of accounts. Please Help Me.
Ranjit
CAclubindia
