Maya (Student) 27 August 2019
Dear frds/ experts,
In a case, a small manufacturing industry is manufacturing 'spooled coir yarn' using the raw material 'fibre'. For that they purchase fibre as raw material and after production they convert it into spooled coir yarn and sell them. Now coming to the point, how to make tally entries for 1)purchase of fibre, 2) spooled Coir yarn' sales 3)conversion of raw material into finished product and 4) for loss or wastage of raw material during production.
plz treat urgent and earliest reply would be greatly appreciated.
Thanks in adv / Maya.
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sabyasachi mukherjee 16 September 2019
Whether its for any software:Tally / SAP
Create a Inventory Master :
Raw Material -Fibre
finished goods -Yarn
Now make production entries.
Create Accounts Master:
Raw Material Account-Fibre
Finished Goods- Spooled Coir Yarn
Pass entries on purchase of Fibre
dr. Raw mater
dr. Input gst.. ( generally no gst are applicable ) 5%
cr. party account.
pay party account.. dr.
input gst will be shown as receivable ...