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BY B. ILANGOVAN IRAS (P). PURCHASES Purchases Imported – 7110 Purchases Indigenous –7120 Purchases thro’ DGS&S-7130 1 Stage Purchase suspense Dr. Cheques.

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Presentation on theme: "BY B. ILANGOVAN IRAS (P). PURCHASES Purchases Imported – 7110 Purchases Indigenous –7120 Purchases thro’ DGS&S-7130 1 Stage Purchase suspense Dr. Cheques."— Presentation transcript:

1 BY B. ILANGOVAN IRAS (P)

2 PURCHASES Purchases Imported – 7110 Purchases Indigenous –7120 Purchases thro’ DGS&S-7130 1 Stage Purchase suspense Dr. Cheques & Bills Cr. 2 Stage Stock Dr. Purchase suspense Cr.

3 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.

4 STORES Transfers-workshops Transfers-divisional Imprest accounts Depot transfer account Stock adjustment account

5 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.

6 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.

7 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.

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