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FLOW OF ACCOUNTING ENTRIES (This is not an exhaustive document) Sr.No. Transaction Accounting Entries 1 Receipt of Material Dr. Receiving Inventory A/c. Dr. Receiving Inventory A/c. Dr. Receiving Inventory A/c. Dr. Receiving Inventory A/c. Dr. Vat Interim Receivable A/c. Cr. AP Accrual A/c. 2 PO Inspection No Entries 3 On Claiming CENVAT Dr. Cenvat Receivable A/c. Dr. Cess On Cenvat Receivable A/c Dr. S&HE Cess On Cenvat Rece. A/c Cr. Receiving Inventory A/c. 4 Material Delivery to Inventory Dr. Material Inventory A/c. Cr. Receiving Inventory A/c. 5 Claim Vat Dr. Vat Receivable A/c. Cr. Vat Interim Receivable A/c. 6 Receipt of Vendor's Invoice Dr. AP Accrual A/c. Cr. AP Liability A/c. Cr./Dr.Invoice Price Varience A/c 7 Return to Receiving Point from Inventor Dr. Receiving Inventory A/c. Cr. Inventory Valuation A/c. Cr. Input Tax 8 Return to Vendor from Receiving Point Dr. AP Accrual A/c. Cr. Receiving Inventory A/c. 9 Payment Made to Vendor Dr. AP Liability A/c. Cr. Bank A/c. 10 Misc. Receipt Dr. Inventory Valuation A/c. Cr. User Specified A/c. 11 Misc. Issue Dr. User Specified A/c. Cr. Inventory Valuation A/c. 12 Inventory Adjustment (Physical/Cycle Co Dr./Cr. Inventory Valuation A/c. Cr./Dr. Inventory Adjustment A/c.

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InventoryFLOW OF ACCOUNTING ENTRIES(This is not an exhaustive document)Sr.No.TransactionAccounting EntriesAt what valueAve.Cost Updated1Receipt of MaterialDr. Receiving Inventory A/c.PO Rate * QtyNoDr. 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 Taxes2PO InspectionNo Entries3On Claiming CENVATDr. Cenvat Receivable A/c.Exicise DutyDr. Cess On Cenvat Receivable A/c.CessDr. S&HE Cess On Cenvat Rece. A/c.S&HE CessCr. Receiving Inventory A/c.Total Of Above4Material Delivery to InventoryDr. Material Inventory A/c.PO Rate * QtyYesCr. Receiving Inventory A/c.PO Rate * Qty5Claim VatDr. Vat Receivable A/c.Vat Amt.Cr. Vat Interim Receivable A/c.Vat Amt.6Receipt of Vendor's InvoiceDr. AP Accrual A/c.PO PriceCr. AP Liability A/c.Invoice PriceCr./Dr.Invoice Price Varience A/c.(PO Price - Inv. Price)7Return to Receiving Point from InventoryDr. Receiving Inventory A/c.PO PriceYesCr. Inventory Valuation A/c.PO PriceCr. Input Tax8Return to Vendor from Receiving PointDr. AP Accrual A/c.PO PriceNoCr. Receiving Inventory A/c.PO Price9Payment Made to VendorDr. AP Liability A/c.Amount PaidCr. Bank A/c.10Misc. ReceiptDr. Inventory Valuation A/c.User Input ValueCr. User Specified A/c.11Misc. IssueDr. User Specified A/c.User Input ValueCr. Inventory Valuation A/c.12Inventory Adjustment (Physical/Cycle Count)Dr./Cr. Inventory Valuation A/c.Cr./Dr. Inventory Adjustment A/c.13Issue to Job from InventoryDr. WIP Inventory A/c.Cr. Inventory Valuation A/c.14Component Return to InventoryDr. Inventory Valuation A/c.Cr. WIP Inventory A/c.15Charge Labour Resource to JobDr. WIP Resource A/c.Cr. Resource Absorption A/c.16Charge Non Labour Resource to JobDr. WIP Resource A/c.Cr. Resource Absorption A/c.17Charge Overhead to JobDr. WIP Overhead A/c.Cr. Overhead Absorption A/c.18Charge OSP Charges to JobDr. WIP OSP Charges A/c.Cr. OSP Absorption A/c.15Completion of JobDr. 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.16Completed Job Return to Shop FloorDr. 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.17Scrap of Job From Shop floorDr. Scrap A/c.Cr. WIP Inventory A/c.Cr. WIP Resource A/c.Cr. WIP Overhead A/c.Cr. WIP OSP Charges A/c.18Sales oreder ShipmentDr. Cost Of Goods Sold A/c.Cr. Inventory Valuation A/c.19Return From Customer (RMA)Dr. Inventory Valuation A/c.Cr. Cost Of Goods Sold A/c.20Invoice Raised on CustomerDr. Receivables A/cCr. Revenue A/c.21Payment Received From CustomerDr. Bank A/c.Cr. Receivable A/c.
Procure to PayProcure to Pay CycleFLOW OF ACCOUNTING ENTRIESSr.No.TransactionAccounting EntriesAt what value1Receipt of MaterialDr. Receiving Inventory A/c.PO Rate * QtyDr. 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 Taxes2PO InspectionNo Entries3On Claiming CENVATDr. Cenvat Receivable A/c.Exicise DutyDr. Cess On Cenvat Receivable A/c.CessDr. S&HE Cess On Cenvat Rece. A/c.S&HE CessCr. Receiving Inventory A/c.Total Of Above4Material Delivery to InventoryDr. Material Inventory A/c.PO Rate * QtyCr. Receiving Inventory A/c.PO Rate * Qty5Claim VatDr. Vat Receivable A/c.Vat Amt.Cr. Vat Interim Receivable A/c.Vat Amt.6Receipt of Vendor's InvoiceDr. AP Accrual A/c.PO PriceCr. AP Liability A/c.Invoice PriceCr./Dr.Invoice Price Varience A/c.(PO Price - Inv. Price)7Payment Made to VendorDr. AP Liability A/c.Amount PaidCr. Bank A/c.

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