Kasim Surve (15 Points)
19 June 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 19 June 2021
Put it into admin expenses and reduce inventory.
Admin a/c
To Inventory a/c
I think people derecognise purchases in trading account method, it is not necessary in cos method.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 19 June 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 19 June 2021
All right now I got it, it can be like
Admin exp a/c
To Purchases a/c
and
Accommodation Asset a/c
To Inventory a/c
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 19 June 2021
I forgot one more point, this Purchases is a pain to account for as it does not cover the production costs of finished fridge.
so another entry
COS a/c
Loss on fridge
To Inventory a/c
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
