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Accounting Entries

Accounting Entries

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Published by: api-3827441 on Oct 18, 2008
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03/18/2014

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All the Inventory transactions will look for the valuation class and the
corresponding GL Accounts and post the values in the G.L accounts.
1) For Example: during Goods Receipt
Stock Account - Dr
G/R I/R Account - Cr
Freight Clearing account - Cr
Other expenses payable - Cr
2) During Invoice Verification
G/R I/R Account - Dr
Vendor - Cr
3) When the Goods are issued to the Production Order the following
transactions takes place:
Consumption of Raw Materials - Dr
Stock A/c - Cr
4) When the Goods are received from the Production Order the following
transactions takes place:

Inventory A/c - Dr
Cost of Goods Produced - Cr
Price difference - Dr/Cr

(depending on the difference between standard cost and actual
cost)
5) When the Goods are dispatched to customer through delivery the
following transactions takes place:
Cost of Goods Sold - Dr
Inventory A/c - Cr
6) When the Goods are issued to a Cost Center or charged off against
expenses the following transactions takes place:
Repairs and Maintenance/Expenses - Dr
Inventory A/c - Cr
7) When the Goods are stock transferred from one plant to another, the
following transactions takes place:

Stock A/c - Dr (Receiving location)
Stock A/c - Cr (Sending location)
Price difference - Dr/Cr

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