Accounting of internal consumption
This query is : Resolved
06 August 2012
Hi,
I am accounting the purchases and sales of Petrol pump bunk.
I have a doubt with regard to the accounting in amount and inventory of the following:
1. We use the disel in the Genrator and car of our own in the bunk?
2. Daily we take off 1 ltr or so from the bunk for testing the density. Some times we put back disel back to the tank and some times not?
Kindly reply ASAP.
Thanx in advance.
I am accounting the purchases and sales of Petrol pump bunk.
I have a doubt with regard to the accounting in amount and inventory of the following:
1. We use the disel in the Genrator and car of our own in the bunk?
2. Daily we take off 1 ltr or so from the bunk for testing the density. Some times we put back disel back to the tank and some times not?
Kindly reply ASAP.
Thanx in advance.
06 August 2012
Internal consumption is the cost of the company. It is similar to normal loss that occurs in this industry due to vaporisation.
Message likes :
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06 August 2012
@ Sanjay Chauhan
Hello Sir,
Actually i wanted to know whether consumption of Diesel for generator should we have pass a journal entry or sale entry? and to which account the credit should be given.
THANX sir
Hello Sir,
Actually i wanted to know whether consumption of Diesel for generator should we have pass a journal entry or sale entry? and to which account the credit should be given.
THANX sir
Dhirajlal Rambhia
(Expert)
27 July 2023
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