Accounting Enrty
This query is : Resolved
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.
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.
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.
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.
15 July 2010
Agree. The balance (Opening+purchase-closing) will be shown as Stores consumed.
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