Related to cost accounting records

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2010 Dear All,

In our company we are manufacturing water treatment chemical (called resins) and using Disel Generator set for the purpose of generating electricity for captive consumption purpose my question is :-

Whether we are required to maintain cost accounting records as a manufacture of chemical? as some one told us that only resins used in paint and like that are required to maintain the records not water treatment resins and second question is:-

whether we are required to maintatin the same as we are genreting electricity for the purpose of captive consumption?

please do reply

Neeraj jangid
(Cost Accountant)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 June 2010

Please refer G.S.R. No 913(E) dt. 21.12.2001, Power is used for even capitve consumption need to maintain cost records

As per G.S.R 596 dt. 8.8.1987 Resins (excluding natural resins), Paints, Varnishes and Plastics need to maintain costing records