by b. ilangovan iras (p). purchases purchases imported – 7110 purchases indigenous –7120...

BY B. ILANGOVAN IRAS (P)

PURCHASES

Purchases Imported – 7110Purchases Indigenous –7120Purchases thro’ DGS&S-7130

1 Stage Purchase suspense Dr. Cheques & Bills Cr. 2 Stage Stock Dr. Purchase suspense Cr.

SALES

Sales other than fuel – 7140

Sales of fuel -- 7150

1 Stage Cheques & Bills Dr.

Sales suspense Cr.

2 Stage Sales suspense Dr.

Stock suspense Cr.

STORES

Transfers-workshops

Transfers-divisional

Imprest accounts

Depot transfer account

Stock adjustment account

SINT

SINT- Purchase (OTF) – 7171

SINT- Depot Tansfer (OTF) – 7172

SINT – Fuel – 7173

1 Stage SINT Dr.

Stock Cr.

2 Stage Transfer Div./Rly Dr.

SINT Cr.

Stores Adjustment Account

7181,7182 – difference between ledger and ground balances.

7183,7184 – difference due to market fluctuation during revaluation.

7185 – book value vs. Value in sales.

7186 – new stores as second hand.

7187 – other losses ie. Breakage etc.

MISCELLANEOUS ADVANCE CAPITAL

When the material is issued the entry will be.

Miscellaneous advance capital Dr.

Stock account Cr.

When the material is received, the entry is

Stock account Dr.

Miscellaneous advance capital Cr.