accounting treatment of stock return
This query is : Resolved
01 February 2008
there in this case stock is transfer to brach in other state on form f and there we debit the party and credit the sales now the stock return after two month from branch on form f so what will be the accounting entry?
please reply as early as possible.
thanks
please reply as early as possible.
thanks
02 February 2008
Please list the journal entries you passed at the time of stock transfer to branch and subsequent sales from there to the customer.
02 February 2008
DEAR FREIND WE PASSED THE ENRTY DEDIT THE BRANCH AND CREDIT THE SALE.
03 February 2008
Important: Entries may also be passed in other ways.
Journal Entries for Stock Transfer
In HO. Books
When goods tansferred to branch
Branch Dr.
To Stock Transfer To Branch
When Goods Returned By Branch
Stock Transfer to Branch Dr.
To Branch
In the Books of Branch
Stock Transfer from H.O. Dr.
To H.O.
When Goods Sold By Branch
Party Dr.
To Sales A/c
When Goods Return By party to branch
Sales Dr.
To Party
When Goods Return to H.O.
H.O. Dr.
To Stock Transfer from H.O.A/c
Journal Entries for Stock Transfer
In HO. Books
When goods tansferred to branch
Branch Dr.
To Stock Transfer To Branch
When Goods Returned By Branch
Stock Transfer to Branch Dr.
To Branch
In the Books of Branch
Stock Transfer from H.O. Dr.
To H.O.
When Goods Sold By Branch
Party Dr.
To Sales A/c
When Goods Return By party to branch
Sales Dr.
To Party
When Goods Return to H.O.
H.O. Dr.
To Stock Transfer from H.O.A/c
08 February 2008
this entry is coorect but we already make the entry
branch account..Dr
to sales a/c
(being sales against f-form under d-vat)
so what will be accounting entry in case of retun of goods from branch.
branch account..Dr
to sales a/c
(being sales against f-form under d-vat)
so what will be accounting entry in case of retun of goods from branch.
28 February 2008
Dear Amit, i do not understand why the entry for sales was passed when the stock was transferred to other branch. Any case now as the goods are returned the entry to be passed would be
Dr Sales Return
Cr Branch.
Dr Sales Return
Cr Branch.
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