please help me on urgent basis

Since, the stock is a tailor made item and it cannot be sold in the Open Market, we cannot ascertain the Net Realisable Value (NRV) of the same. Hence, provision has to be made for the stock i.e. If the cost of the stock is Rs. 9 lac, then provision to be made is Rs. 9 lac and accordingly the advance amount received can be taken to other income since provision has been already made for the stock. But agree the same with the client and accordingly, decision needs to be taken.

Entries for the same assuming the above is implemented:

For provision of stock:

Inventory write off (Expense) A/c Dr (u can change the name) Rs. 9 lac

To Inventory A/c (Stock to be reduced)                                                            Rs. 9 lacs

For Other income:

Advance from Customer A/c Dr Rs. 1 lac

To Misc Income A/c (u can change the name) Rs. 1 lac

According to Kishore Sir, to pass the entry for Provision of Stock-

Inventory A/c not directly credited in Tally 7.2 in journal voucher, as my openion the stock in trading account should be directly credited which was shown as Opening/Closing Stock in P/L account. But the stock account is not accepted by Journal Voucher in Tally, 

So please advise me which account will be credited under which Accounting Group.

Thanks

According to Kishore Sir, to pass the entry for Provision of Stock-

Inventory A/c not directly credited in Tally 7.2 in journal voucher, as my openion the stock in trading account should be directly credited which was shown as Opening/Closing Stock in P/L account. But the stock account is not accepted by Journal Voucher in Tally, 

So please advise me which account will be credited under which Accounting Group.

Thanks

According to Kishore Sir, to pass the entry for Provision of Stock-

Inventory A/c not directly credited in Tally 7.2 in journal voucher, as my openion the stock in trading account should be directly credited which was shown as Opening/Closing Stock in P/L account. But the stock account is not accepted by Journal Voucher in Tally, 

So please advise me which account will be credited under which Accounting Group.

Thanks

hi ranjit,

did u get answer for your question, if yes, pls share it..I also have the same doubt..

Anyone who knows the solution for this question , please reply

Thanks