in jewelry business opd gold is purchased from the customer, after that it is melted and converted into pure gold
say 22 carat of old gold purchased (qty - 100 gms, amount paid-400000) now after melting i get 91 gms of 24 carat gold how am i to pass such entry in tally??
You have to debit your purchases only to the tune of Rs.4,00,000/- for 100 gms and if you are maintaining an inventory model in tally then the loss of 9 gms of gold should be accounted in tally by way of stock journal showing your consumption 9 gms with value of cost. this would reduce your stock value to the tune of 36000/- and the closing stock value would be displayed in the profit and loss account. for Rs. 3,64,000/-This would be possible only you opt for the inventory system and your closing stock is as per tally records.
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