scrap

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Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2011 what is the accounting and tax treatment of Scrap?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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15 January 2011 Scrap to be sale with Excise,Cess, Vat & TCS

Vivek Raju P

Vivek Raju P (Expert)
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15 January 2011 Dr ... Customer

Cr..... Other Revenues.

Dr ...... Cost of Scrap / COGS

Cr....... Current Assets / inventory ( which includes the scrap)

Second entry will not be relevant if scrap is a by product in the manufacturing process and is sold as produced.

Other opinions welcome

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