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General Accounting Discussions: Inventories

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    • CommentAuthorKashif Ali
    • CommentTimeJan 26th 2010
     
    Sir. one problem in our company we transfer inventories to our branches for sale please tell me that these tranfer of inventoires should go in which account my manager say that it is Fixed Assets---> Investment but in my view that this is Current Assets but My Manager say that branches are under Fixed Assets and whatever transaction happens falls in investment account like A/R/Expenses etc.
    • CommentAuthorpk
    • CommentTimeJan 27th 2010
     
    The following entry can be passed for stock transfer:

    Dr. Branch Account
    Cr. Inventory Account

    Upon receipt of sales proceeds from the Branch:

    Dr. Cash/Bank Account
    Cr. Branch Account

    savin.yakeep@yahoo.com

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