ontent:

Sr.No. Transaction Accounting Entries At what value

1  Receipt of Material Dr. Receiving Inventory A/c.    PO Rate * Qty

    Dr. Receiving Inventory A/c.    Excise Duty Amt.
    Dr. Receiving Inventory A/c.    Cess Amt.
    Dr. Receiving Inventory A/c.    S&HE Cess Amt.
    Dr. Vat Interim Receivable A/c. Vat Amt.
       
    Cr. AP Accrual A/c. Rate*Qty+All Taxes
       
2 PO Inspection No Entries  
       
       
3 On Claiming CENVAT Dr. Cenvat Receivable A/c. Exicise Duty
Dr. Cess On Cenvat Receivable
    Cess
A/c.
Dr. S&HE Cess On Cenvat Rece.
    S&HE Cess
A/c.
       
    Cr. Receiving Inventory A/c. Total Of Above
4 Material Delivery to Inventory Dr. Material Inventory  A/c. PO Rate * Qty
    Cr. Receiving Inventory A/c. PO Rate * Qty
       
5 Claim Vat Dr. Vat Receivable A/c. Vat Amt.
    Cr. Vat Interim Receivable A/c. Vat Amt.
       
6 Receipt of Vendor's Invoice Dr. AP Accrual A/c. PO Price
    Cr. AP Liability A/c. Invoice Price
(PO Price - Inv.
    Cr./Dr.Invoice Price Varience A/c.
Price)
       
7 Return to Receiving Point from Inventory Dr. Receiving Inventory A/c.    PO Price
    Cr. Inventory Valuation A/c. PO Price 
    Cr. Input Tax  
8 Return to Vendor from Receiving Point Dr. AP Accrual A/c. PO Price
    Cr. Receiving Inventory A/c. PO Price
       
9 Payment Made to Vendor Dr. AP Liability A/c. Amount Paid
    Cr. Bank A/c.  
       
10 Misc. Receipt Dr. Inventory Valuation A/c. User Input Value
    Cr. User Specified A/c.  
       
11 Misc. Issue Dr. User Specified A/c. User Input Value
    Cr. Inventory Valuation A/c.  
       
Inventory Adjustment (Physical/Cycle
12 Dr./Cr. Inventory Valuation A/c.  
Count)
    Cr./Dr. Inventory Adjustment A/c. 
       
13 Issue to Job from Inventory Dr. WIP Inventory A/c.  
    Cr. Inventory Valuation A/c.  
       
14 Component Return to Inventory Dr. Inventory Valuation A/c.  
    Cr. WIP Inventory A/c.  
       
15 Charge Labour Resource to Job Dr. WIP Resource A/c.  
    Cr. Resource Absorption A/c.  
       
16 Charge Non Labour Resource to Job Dr. WIP Resource A/c.  
    Cr. Resource Absorption A/c.  
       
17 Charge Overhead to Job Dr. WIP Overhead A/c.  
    Cr. Overhead Absorption A/c.  
       
18 Charge OSP Charges to Job Dr. WIP OSP Charges A/c.  
    Cr. OSP Absorption A/c.  
       
15 Completion of Job Dr. Inventory Valuation A/c.  
    Cr. WIP Inventory A/c.  
    Cr. WIP Resource A/c.  
    Cr. WIP Overhead A/c.  
    Cr. WIP OSP Charges A/c.  
       
16 Completed Job Return to Shop Floor Dr. WIP Inventory A/c.  
    Dr. WIP Resource A/c.  
    Dr. Overhead Absorption A/c.  
    Dr. WIP OSP Charges A/c.  
    Cr. Inventory Valuation A/c.  
       
17 Scrap of Job From Shop floor Dr. Scrap A/c.  
    Cr. WIP Inventory A/c.  
    Cr. WIP Resource A/c.  
    Cr. WIP Overhead A/c.  
    Cr. WIP OSP Charges A/c.  
       
18 Sales Order Shipment Dr. Cost Of Goods Sold A/c.  
    Cr. Inventory Valuation A/c.  
       
19 Return From Customer (RMA) Dr. Inventory Valuation A/c.  
    Cr. Cost Of Goods Sold A/c.  
       
20 Invoice Raised on Customer Dr. Receivables A/c  
    Cr. Revenue A/c.  
       
21 Payment Received From Customer Dr. Bank A/c.  
    Cr. Receivable A/c.