15 July 2010
Dear Experts in a rolling mill we receive lubricant oil, parts of plant and machinery. what entry shoul i pass for recording for above transaction. wheter 1- repair & maint. of p& m or capitalised.
15 July 2010
Consumable Stores account to be debited.
At the end of the year; take the inventory of whole Consumable stores which are in stock and reduce the same from the consumable stores. The balance is to be debited to Profit and Loss A/c as expenses.
In balance sheet show it as Closing Stock of Consumable Stores.
CAclubindia
