Accounting Enrty

This query is : Resolved

Naved (Querist)
Follow

15 July 2010 Dear Experts
in a rolling mill we receive lubricant oil, parts of plant and machinery.
what entry shoul i pass for recording for above transaction.
wheter
1- repair & maint. of p& m
or
capitalised.

thanks.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

15 July 2010 Consumable Stores account to be debited.

At the end of the year; take the inventory of whole Consumable stores which are in stock and reduce the same from the consumable stores. The balance is to be debited to Profit and Loss A/c as expenses.

In balance sheet show it as Closing Stock of Consumable Stores.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

15 July 2010 Agree. The balance (Opening+purchase-closing) will be shown as Stores consumed.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Accounting Enrty

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA