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