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I TRANSFERRED A STOCK OF RS. 100.00 FROM HEAD OFFICE DELHI
TO MFG. UNIT OFFICE AT HARYANA AGST FORM F.AT BRANCH GOODS
ARE PROCESSED AND ADDED VALUE OF RS. 80.00 AND TRNF BACK TO
DELHI HEAD OFFICE FOR RS. 180.00 AGST FORM F FROM HARYANA .
AND HEAD OFFICE SOLD THIS TO PARTY AT RS. 200.00 . I WANT
TO KNOW HOW TO MAKE ACCOUNTING ENTRIES IN BOTH BOOKS HEAD
OFFICE AND BRANCH OFFICE. TO SETTEL ACCOUNT AND TO
CONSOLIDATE THE BOOKS AT THE END OF YEAR.
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Answer Posted / Indira.v
[1] For the Head Office:
a. Debit Cash for Rs. 100 (Transfer Out)
b. Debit Stock (Inventory) for Rs. 100 (Transfer Out)
c. Credit Manufacturing Unit Office Account for Rs. 180 (Sales Revenue)
d. Credit Bank (Head Office) for Rs. 180 (Transfer In)
e. Record the sale to Party with Debit Sales (Revenue) for Rs. 200 and Credit Cash (Bank) or Accounts Receivable (AR) for Rs. 200
[2] For the Manufacturing Unit Office:
a. Credit Stock (Inventory) for Rs. 100 (Transfer In)
b. Debit Work-in-Progress (WIP) for Rs. 80 (Cost of Goods Sold - COGS)
c. Debit Overhead Expenses for the added value (Rs. 80)
d. Credit Bank (Manufacturing Unit Office) for Rs. 180 (Transfer Out)
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