Stock of consumable store
This query is : Resolved
23 August 2013
a manufacturing co. purchase nut,bolts,cutters for its machinery and treat them as consumable store..but when co. issue these item for machine then it will be treated as consumed or not because these items are still attached in machine.should we show these item in stock.
23 August 2013
if material gone out of stores it is treated as consumption
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attached to machine means used for machine
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attached to machine means used for machine
24 August 2013
So i donot need to show their value anywhere if they are in use?
24 August 2013
But there is one more problem cutters are attached in machine as per the size of material which we have to cut..so if it cut the material then it was replaced by other one as per the size of other material..and when similar size of material comes again then we have to attached that cutter again..so it remain in use when we need it as per the material.please advise
24 August 2013
In my opinion it was looks like consumable item..
so if you used in machinery it can be charged to consumable item directly
other wise if it is possible to trace consumption in units wise ..create a current asset and when ever it is used transfer from current asset to repairs and maintanance..
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better to make it as consumption in my opinion
so if you used in machinery it can be charged to consumable item directly
other wise if it is possible to trace consumption in units wise ..create a current asset and when ever it is used transfer from current asset to repairs and maintanance..
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better to make it as consumption in my opinion
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