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Revaluation
pashya1972
Member Posts: 176
Hi
Pls help in the following case.
Op.stock was entered for item "x" category
Qty 1 No Value Rs 1000
## Qty 2 No Value Rs. Nil (Since the material is already been issued to the plant but not consumed). Op.stock of only qty is taken on the ground that it will be part of bom item.
now Stock summary shows Qty 2 Value 1000 (actual cost of per qty is get changed due to nil value and having qty)
After one month it was decided to change it to normal practise for ## . Following entry were taken place.
Stores person makes negative adjustment for the entire op.stock of ## with only QTY.
Here after running adjust cost though the stores person has not entered any cost to it system has applied the rates.
Instead of applied entry option he simply used negative adjustment. Now the issue is
Since only qty effect with nil value has been entered system is showing less average cost than the actual cost. i.e.undervaluation of the inventory say 50%.
In this case wht shd be the corrective step to be taken?
Option 1. Ravaluation jorunal > apply entry of opening stock and enter op.rate ? and make entry on op.date.
Option 2> Revaluation journal > as on date and entered current rate (may be from po etc)
In both the cases value effect/account effect will be done.
Required opinion.
Prashant
Pls help in the following case.
Op.stock was entered for item "x" category
Qty 1 No Value Rs 1000
## Qty 2 No Value Rs. Nil (Since the material is already been issued to the plant but not consumed). Op.stock of only qty is taken on the ground that it will be part of bom item.
now Stock summary shows Qty 2 Value 1000 (actual cost of per qty is get changed due to nil value and having qty)
After one month it was decided to change it to normal practise for ## . Following entry were taken place.
Stores person makes negative adjustment for the entire op.stock of ## with only QTY.
Here after running adjust cost though the stores person has not entered any cost to it system has applied the rates.
Instead of applied entry option he simply used negative adjustment. Now the issue is
Since only qty effect with nil value has been entered system is showing less average cost than the actual cost. i.e.undervaluation of the inventory say 50%.
In this case wht shd be the corrective step to be taken?
Option 1. Ravaluation jorunal > apply entry of opening stock and enter op.rate ? and make entry on op.date.
Option 2> Revaluation journal > as on date and entered current rate (may be from po etc)
In both the cases value effect/account effect will be done.
Required opinion.
Prashant
0