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consumption of inventory & valuation of inventory

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(Querist)
26 June 2009 1.What will be the journal entry for consumption entry to be passed at the time of monthly closing and what is the entry for short/excess items found during the physical verification.?
2.what will be the journal entry for provision for bad debts.?
3.What will be journal entry for difference in foreign exchange rate.?
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Balakrishnan

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Balakrishnan (Expert)
30 June 2009 Consumption entry:
Rep & Maint. Machinery Dr
Rep & Maint. Generator Dr etc.,
To Stores & Spares Cr.

For Short:
Physical Stock reconcilation A/c Dr
To Stores & Spares Cr
and Reverse of above for Excess
with proper narration

Provision for Bad Debts:
Provision for Bad Debts Dr
To Reserve for Bad Debts Cr

Exchange Rate Fluctuations:
Exchange Rate Flucuations Dr
To Bank/Party/Loan a/cs Cr
or reverse the entry as the case may be
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