We have bought MS Angles, Welding Rods, Paint Primer, Oil Paint etc.,
Taken the items as purchase and also taken input of the products, The items showing in Stocks as we purchased which was the Raw Material.
These were later converted to Stands, Trolleys, Chairs, Tables etc., And Labour charges were also paid for the same.
How do we convert it to the finished products and shift it to Fixed Assets in Tally ?
Raw Material + Labour Costs to be included in the Fixed Asset created.
Yes.
How to put the entry is my question ?
Labour charges paid are in the head of Indirect Expenses - All the items bought for the process are in Stocks
These have to be removed from the respective heads/ledgers/stock items and a new fixed asset has to be created.
How to put this entry in TALLY ?
(Use Journal Voucher or Stock Journal)
Amount = Cost of MS Angles, Rods, Paint, Primer etc. actually consumed
Asset value = Material + Labour
No reversal required
Asset capitalised excluding GST
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