consumption of inventory & valuation of inventory
This query is : Resolved
26 June 2009
1.What will be the journal entry for consumption entry to be passed at the time of monthly closing and what is the entry for short/excess items found during the physical verification.?
2.what will be the journal entry for provision for bad debts.?
3.What will be journal entry for difference in foreign exchange rate.?
2.what will be the journal entry for provision for bad debts.?
3.What will be journal entry for difference in foreign exchange rate.?
30 June 2009
Consumption entry:
Rep & Maint. Machinery Dr
Rep & Maint. Generator Dr etc.,
To Stores & Spares Cr.
For Short:
Physical Stock reconcilation A/c Dr
To Stores & Spares Cr
and Reverse of above for Excess
with proper narration
Provision for Bad Debts:
Provision for Bad Debts Dr
To Reserve for Bad Debts Cr
Exchange Rate Fluctuations:
Exchange Rate Flucuations Dr
To Bank/Party/Loan a/cs Cr
or reverse the entry as the case may be
Rep & Maint. Machinery Dr
Rep & Maint. Generator Dr etc.,
To Stores & Spares Cr.
For Short:
Physical Stock reconcilation A/c Dr
To Stores & Spares Cr
and Reverse of above for Excess
with proper narration
Provision for Bad Debts:
Provision for Bad Debts Dr
To Reserve for Bad Debts Cr
Exchange Rate Fluctuations:
Exchange Rate Flucuations Dr
To Bank/Party/Loan a/cs Cr
or reverse the entry as the case may be
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