Answer / mayilvahanan p

if there is no GR, the qty variance is always posted to
GR/IR Account.
@IR (5 qty at Rs 4)
Vendor = 20 -
GR/IR = 20 +

@GR ( 5 qty at Rs 4 and 1 qty at PO price i.e., Rs. 2)
GR/IR = 20 -
STOCK = (5*4)+(1*2)=22
as per first line mentioned above
GR/IR= 2-

So,
STOCK = 22 +
GR/IR = 22 -

Answer / ankit

G/R 22
stock account 22

Answer / sri

Stock A/c + 12Rs
Gr/IR A/c - -12Rs

Answer / navin

Stock a/c= +20
Stock a/c= +2
Gr/ir a/c= -20
Gr/ir a/c= -2

Answer / santosh kulkarni

I/R Qty (5X4 ) - 20
Vendor A/C No. 20 -
GC Account 20 +

GR Accounting Entry as below
Inv.Account 24 +
GC Account 24 -

Hi the Value of Free Issue material in the Service Order being Prepared for works contract of Commercial or industrial construction. This value of Free issue Material is only for the purpose of calculating the service tax and is not to be added in the actual Expense or in crediting to vendor. It is only for statistical Purpose. Kindly note that value of Free Material shall be absolute value and not in %. appreciate your response

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