Tally entry for conversion of stock in trade to fixed assets

Arif Ali (Apt Co Advisory)     05 January 2015

At current, the computer system is under stock item in tally. And now you want to convert it as Fixed Asset. So create a ledger in the name of computer system under the head of fixed asset.

then now pass the following entry.

Computer system (fixed asset) ..... Dr.

       To Purchase (computer system) stock

Amount will be same as purhcase amount of that stock converted.

ANURADHA (Executive Accounts)     18 March 2017

Conversion of Stock into Fixed Asset

Create a Asset under Fixed Asset

Dr.Fixed Asset (Computer)

Cr. Stock(Computer)

At the time of passing JV Dr.Fixed Asset is coming. But I cannot able to credti the stock inthe JV. Kindly advice me

Arif Ali (Apt Co Advisory)     18 July 2017

stock item is not a ledger so it may not be credited. Since this stock item is under purchase ledger so you need to credit the purchase ledger by selection that computer stock item.

Arif Ali (Apt Co Advisory)     18 July 2017

Stock item is not a ledger so it may not be credited. Since this stock item is under purchase ledger so you need to credit the purchase ledger by selection that computer stock item.

AptCo Advisor
9910520753
Delhi

Ranjith Poojary   23 January 2019

If its a manufacturing unit?

We have purchased materials from various places and assembled to a finished product. How can we transfer the stock into a fixed asset? Kindly advise,

surbhi jain (Student)     19 July 2019

Sir, I have nil value of purchases then by this entry my purchase become negative and in income tax return I am unable to put negative figure. Plz guide me please....