Please suggest me the entry of following transaction
I Purchase 10 Silver Coin from a party and then after i make a contract with another party to put god Statue on the coins.
Naveen Chand Khulve (CA) (1521 Points)
02 December 2008Please suggest me the entry of following transaction
I Purchase 10 Silver Coin from a party and then after i make a contract with another party to put god Statue on the coins.
tarun
(contractor)
(23 Points)
Replied 02 December 2008
(1)gold coin investment a/c/SuppliesA/c Dr To Jeweller/Cash A/c
(2)God Statue ChargesDr To Creditor/CashA/c
(3) gold coin investment/Supplies A/c Dr To God Statue Charges A/c
Nageswar
(Self Occupied)
(107 Points)
Replied 02 December 2008
Siver coins a/c Dr to Cash A/c or Supplier A/C
Statue A/c Dr to Cash or Creditor A/c
Statue A/c Dr to Siver coins a/c
sanjeev
(govt. Emloyee)
(565 Points)
Replied 03 December 2008
Siver coins a/c Dr
to
Cash A/c or Supplier A/C
Statue A/c Dr to Cash or Creditor A/c
Statue A/c Dr to Siver coins a/c
CA. Amit Daga
(Finance Controller CA. CS. CFA. CIFRS. M.COM. )
(9017 Points)
Replied 03 December 2008
Tarun is correct because you need to capitalise the statue charges
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