Month end closing - Stock valuation
This query is : Resolved
13 April 2010
consumption entry is passed for WIP and FG production. what amount will be included in these heads? will it include only cost of materials consumed or share of labour cost and overheads?
13 April 2010
FOR WIP you can have the cost incurred till Cost of production, and for the FG you can have Cost of good produced. For better understanding go through the cost sheet which you have studied in costing . Its practical to follow that and also relevant.
Including cost of labour and material and admin expense if allocated properly.
Including cost of labour and material and admin expense if allocated properly.
13 April 2010
Thanks shivang.
what entry should we pass in the books. If we debit WIP and FG including the costs, what should be credited.
Raw materials will be credited for raw material cost, what abt labour cost and overheads?what head of account should be credited
what entry should we pass in the books. If we debit WIP and FG including the costs, what should be credited.
Raw materials will be credited for raw material cost, what abt labour cost and overheads?what head of account should be credited
13 April 2010
and pass just one entry... closing stock to trading account....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Rental income of jointly held property
- ITR-3 File/Error Found
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
