scrap
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 January 2011
what is the accounting and tax treatment of Scrap?
15 January 2011
Scrap to be sale with Excise,Cess, Vat & TCS
15 January 2011
Dr ... Customer
Cr..... Other Revenues.
Dr ...... Cost of Scrap / COGS
Cr....... Current Assets / inventory ( which includes the scrap)
Second entry will not be relevant if scrap is a by product in the manufacturing process and is sold as produced.
Other opinions welcome
Cr..... Other Revenues.
Dr ...... Cost of Scrap / COGS
Cr....... Current Assets / inventory ( which includes the scrap)
Second entry will not be relevant if scrap is a by product in the manufacturing process and is sold as produced.
Other opinions welcome
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