Query regarding creation of proper Account Heads
This query is : Resolved
Guest
Guest
(Querist)
27 December 2010
Dear Friends & Experts,
A, an individual having a automobile workshop.
A used to buy the following items :
1. Purchase of kerosene
2. Purchase of Soap oil and brush
3. Purchase of Spares
4. Purchase of Waste cotton
5. Purchase of Hardware Materials
(Brush,Paste)
What is the appropriate account head for the above items ?
I shall wait for the replies.
Thanks.
DK.
A, an individual having a automobile workshop.
A used to buy the following items :
1. Purchase of kerosene
2. Purchase of Soap oil and brush
3. Purchase of Spares
4. Purchase of Waste cotton
5. Purchase of Hardware Materials
(Brush,Paste)
What is the appropriate account head for the above items ?
I shall wait for the replies.
Thanks.
DK.
27 December 2010
a/s stock
give some material code to all , and keep a stock register.
give some material code to all , and keep a stock register.
Guest
Guest
(Querist)
27 December 2010
Thank you for your response.
It may be noted that in the above workshop business, when they get a VEHICLE for Servicing / Repair, that time only they purchase the necessary items (as given above) for that vehicle based on the requirement for that vehicle only.
In short, the purchases are purely based on 'per vehicle'.
Hence, the above workshop will never have any stock of materials in hand.
Can you consider the above facts and advise me suitably ?
It may be noted that in the above workshop business, when they get a VEHICLE for Servicing / Repair, that time only they purchase the necessary items (as given above) for that vehicle based on the requirement for that vehicle only.
In short, the purchases are purely based on 'per vehicle'.
Hence, the above workshop will never have any stock of materials in hand.
Can you consider the above facts and advise me suitably ?
28 December 2010
You can account for it as Purchase Consummables, and expense it out since it is directly related to the service that is provided.
if anything is purchased in bulk and used for service as and when the need arises you will have to keep a stock register and whenever something is used it will be treated as expense.
if anything is purchased in bulk and used for service as and when the need arises you will have to keep a stock register and whenever something is used it will be treated as expense.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Annual return in Gst
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
