branch accounts
This query is : Resolved
23 August 2010
Branch A :-- Puchase material @12.5% and same transfer to Branch "B"
Branch B :-- further processing the same selling it @ 12.5%
Question :
1) what entry i'll pass in branch "A" for transfer of stock without showing credit effect in purchase.as m claiming input credit in branch "A" on total purchase.
2) what entry i'll pass in branch "B" as no input credit m taking in branch "B" and material received from branch "A"
Note :-- Branch "A" is contractor
Branch "B" is manufacturer
Branch B :-- further processing the same selling it @ 12.5%
Question :
1) what entry i'll pass in branch "A" for transfer of stock without showing credit effect in purchase.as m claiming input credit in branch "A" on total purchase.
2) what entry i'll pass in branch "B" as no input credit m taking in branch "B" and material received from branch "A"
Note :-- Branch "A" is contractor
Branch "B" is manufacturer
24 August 2010
If the branches are under same company and same state
Entry for Purchase by A
Dr:Purchase a/c
Dr: Input VAT A/c
Cr: Supplier
Through stock transfer
Dr:Branch B a/c
Cr: Stock A/c
In Branch B
Dr:Stock received a/c
Cr:Branch A a/c
for Sale
Dr: Customer a/c
Cr: Sales a/c
Cr: out put vat a/c
While consolidating the branch a/c`s the input and output will be set off
Entry for Purchase by A
Dr:Purchase a/c
Dr: Input VAT A/c
Cr: Supplier
Through stock transfer
Dr:Branch B a/c
Cr: Stock A/c
In Branch B
Dr:Stock received a/c
Cr:Branch A a/c
for Sale
Dr: Customer a/c
Cr: Sales a/c
Cr: out put vat a/c
While consolidating the branch a/c`s the input and output will be set off
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