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Inventory Accounting Entries All the Inventory transactions will look for the valuation class and the

corresponding G.L. Accounts and post the values in the G.L accounts. For Example: during Goods eceipt !tock Account " #r G$ I$ Account " %r Freight %learing account " %r &ther expenses paya'le " %r #uring Invoice (erification G$ I$ Account " #r (endor " %r )hen the Goods are issued to the *roduction &rder the following transactions takes place: %onsumption of aw +aterials " #r !tock A$c " %r )hen the Goods are received from the *roduction &rder the following transactions takes place: Inventory A$c " #r %ost of Goods *roduced " %r *rice difference " #r$%r,depending on the difference 'etween standard cost and actual cost)hen the Goods are dispatched to customer through delivery the following transactions takes place: %ost of Goods !old " #r Inventory A$c " %r )hen the Goods are issued to a %ost %enter or charged off against expenses the following transactions takes place: epairs and +aintenance " #r Inventory A$c . % )hen the Goods are stock transferred from one plant to another/ the

following transactions takes place: !tock A$c " #r , eceiving location!tock A$c " %r ,!ending location*rice difference " #r$%r,due to any difference 'etween the standard costs 'etween the two locations)hen the stocks are revalued/ the following transaction takes place: !tock A$c " #r$%r Inventory evaluation A$c " %r $ #r )hen the )ork in *rogress is calculated the following transaction takes place: )ork in *rogress A$c " #r %hange )I* A$c " %r *hysical verification $shortages and excesses: !hortages$excesses on authori0ations shall 'e ad1usted using the physical inventory count transaction. !ales and #istri'ution Accounting Entries I2(&I%E GE2E A3I&2 Invoices will 'e generated at the !melters and stock points. 3he accounting entries for the sale of goods dispatched will flow from the !ales invoice generated in !A* !ales and #istri'ution module. 3he following entries shall 'e passed %ustomer Account #r evenue %r Excise #uty *aya'le %r !ales 3ax *aya'le ,local or central- %r #E4I3 +E+&! #e'it +emos shall 'e issued in case of price difference/ sale tax difference and interest on usance period and overdue payments. 3he accounting entries for two possi'le scenarios are as follows: *rice 5ndercharged: %ustomer Account #r.

evenue %r. !ales tax paya'le %r. !ales tax undercharged %ustomer Account #r. !ales tax ad1ustment %r. Interest on delayed payments$usance period and other charges %ustomer Account #r. Interest &thers %r. In case of a complete retirement or a partial retirement of asset is done. 3he system uses the asset retirement date to determine the amount to 'e charged off for each depreciation area. Accounting entry for sale of Asset to customers: %ustomer Account #r Asset !ale %r Accumulated #epreciation #r Loss on !ale ,if applica'le- #r Asset !ale account #r Asset account %r *rofit on sale ,if applica'leAccounting entry for sale without a customer: Accumulated #epreciation #r Loss on !ale ,if applica'le- #r Asset !ale account #r Asset account %r *rofit on sale ,if applica'le- %r Accounting entry for scrap : Accumulated #epreciation #r Loss on !ale of Assets #r Asset account %r

A#(A2%E! F &+ %5!3&+E ! Advances are received from the customers against delivery. 3hese advances will'e recorded in a special general ledger account. 3he accounting entry for thesame will 'e: 4ank Account #r Advance %ustomer *ayments %r 3hese advances will 'e later on ad1usted against the invoices raised on the customers. Advances can 'e ad1usted against more than one invoice at the timeof clearing of the invoices against advances. Ad1ustment of Advances %ustomer Account %r Advance %ustomer *ayments #r A financial document would 'e created for each 4ank Guarantee received and this document num'er will 'e referred to in the !ales &rder which would then monitor the value and the validity of the of the 4ank Guarantee instrument wise while doing the 'illing. 3he letter of credit $4ank guarantee given will 'e recorded as a noted item. Accounting Entry for Goods receipt !tock$Inventory account #r G $I account %r Freight clearing account %r Accounting Entry on invoice verification of supplier G $I #r (endor account %r G&&#! E%EI*3 4ased on the *urchase order and the 6uantity actually received Goods eceipts ,G - will 'e done. 4ased on the G done the following accounting entry will 'e passed in the Financial Accounts +$*+ !tock Account #r G $I Account %r Freight %learing Account %r

E7%I!E I2(&I%E (E IFI%A3I&2 &n receipt of the excise invoice cum gate pass the following entry will 'e passed G 89 A $ G 89 % *art 8 Account #r %envat %learing Account %r