Accounting of Consumables

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Yajuvendra Rawat (Querist)
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14 February 2011 Dear Sir's & Friends,

Expenses incurred for Purchase of consumables in our books of accounts is w/off agnst P & L A/c. Can they be capitalised to consumables itself.

Please Help.

Regards,
Yajuvendra Rawat

Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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16 February 2011 Expenses for purchasing and bringing the goods upto workplace could be inventorised, but in your case you have already charges to P&L.

However, you can rectify if Financial Year not closed for the goods purchased during the same year.

Regards
K.L.Paliwal