Below are the entries:   At the time of PO: no entry   At the time of Goods receipt:   Stock A/c Dr To GR/IR A/c   At the time of Invoice

receipt:   GR/IR A/c Dr To Vendor A/c   Issued to production:   Consumption of Raw materials A/c Dr   To Stock A/c   Received from production:   Inventory A/c Dr   To Cost of goods produced A/c   To Price difference A/c   Dispatched to customer through delivery:   Cost of goods sold A/c Dr   To Inventory A/c

Sign up to vote on this title
UsefulNot useful