Hi
As per my understanding the accouting entries as below:
1. 22carat old gold purchased:
Dr Old gold (22 Carat) Rs. 4,00,000
Cr Customer Rs. 4,00,000
Closing stock is as below:
Old gold (22 carat) 100gms Rs. 4,00,000 Rate: 4,000/gm
2. Melting process of old gold (22 carat) to old gold (24 carat):
Stock journal entry in Tally:
Production: Old gold (24 carat) 91 gms
Consumption: Old gold (22 carat) 100 gms
Closing stock is as below:
Old gold (24 carat) 91gms Rs. 4,00,000 Rate: 4,396/gm
CAclubindia
