we need to transfer our Stock in Fixed asset and its a a manufacturing unit?
We have purchased materials from various places and assembled to a finished product. How can we transfer the stock into a fixed asset in tally ? Kindly advise,
Rucha Malegaonkar (18 Points)
18 January 2024we need to transfer our Stock in Fixed asset and its a a manufacturing unit?
We have purchased materials from various places and assembled to a finished product. How can we transfer the stock into a fixed asset in tally ? Kindly advise,
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 18 January 2024
Rucha Malegaonkar
(18 Points)
Replied 18 January 2024
But i also want to reduced the closing stock from books then what should be the entry ? as if we pass JV stock item dont get reflected
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 18 January 2024
sabyasachi mukherjee
(27310 Points)
Replied 18 January 2024
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 18 January 2024
Originally posted by : sabyasachi mukherjee
Stock transfer to fixed asset is a easy process.1. concurrence of board subject to the objects of the business.2. then the process can take place.
Ohhh God...
You are also attend this query with Your great knowledge... Right...??
Okay , I leave this query. You can continue with Your Knowledge...
sabyasachi mukherjee
(27310 Points)
Replied 18 January 2024
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 18 January 2024
Originally posted by : sabyasachi mukherjee | ||
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A stock cannot be used as a fixed asset.understand and then comment. | ![]() |
Hello Mr,
Read the query and replies from first.
உனக்கே இது தெரியும் போது, எனக்கு தெரியாதா...???
sabyasachi mukherjee
(27310 Points)
Replied 18 January 2024
Rucha Malegaonkar
(18 Points)
Replied 18 January 2024
Actually we have a startup and the finished goods lying in the books are getting used for testing purpose only so we are never going to sale it hence we wanted to transfer the same to Fixed asset
sabyasachi mukherjee
(27310 Points)
Replied 18 January 2024
Yasaswi Gomes new
(Finance )
(4503 Points)
Replied 18 January 2024
Only some spare parts like moulds can be accounted as inventory. If you got parts and assembled them, recognise the asset on the day it is finished. All trial and err or testing of prototype expenses fall under development phase and capitalised. Your not clear in your query. What is the fixed asset that you assembled? What are the finished goods that your testing?
Rucha Malegaonkar
(18 Points)
Replied 18 January 2024
We purchased some Raw materials assembled them and produced one finished good and its lying in Closing stock. So some of them are being use for testing purpose before launching it to the market. hence the stock we are using for testing we want that stock to be capitalized
hence i needed some guidance regarding the same.
Yasaswi Gomes new
(Finance )
(4503 Points)
Replied 18 January 2024
Dr. Purchases
Cr. Bank
(Raw material bought)
Dr. Finished goods 100
Cr. Raw material 70
Cr. Bank 30
(Production over)
Dr. Intangible asset 100
Cr. Finished goods 100
(Prototype testing expenses capitalised)
Rucha Malegaonkar
(18 Points)
Replied 19 January 2024
Finished goods are prepared under Stock item so it is not getting reflected when i am passing the JV.
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