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Accounting of internal consumption

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(Querist)
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.
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
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.
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Nisha

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Nisha (Querist)
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
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp
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