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Options
Allocate Value to Acceptable goods against Rejected
thinafans
Member Posts: 88
Dear All,
This is the scenario I am facing in the Commodity Business
Say I purchased 100Kg of MAIZE (Per Kg - 10) Total cost - Rs. 1000
I received all the 100 Kg of MAIZE and book the same in to my account and I started cleaning that and got the waste of 20 kg. In this industry this is volatile in nature which they can't pass debit note to their Vendor.
Client Requirement is to pass the Negative adjustment for 20 kg with Zero Value and allocate the Rs1000 to 80 Kg of MAIZE.
Item costing method is : FIFO
As per them if i pass negative adjustment with Zero value after Recalculation what is the cost impact.
Pls Guide me.
Thanks in Advance.
THINA
This is the scenario I am facing in the Commodity Business
Say I purchased 100Kg of MAIZE (Per Kg - 10) Total cost - Rs. 1000
I received all the 100 Kg of MAIZE and book the same in to my account and I started cleaning that and got the waste of 20 kg. In this industry this is volatile in nature which they can't pass debit note to their Vendor.
Client Requirement is to pass the Negative adjustment for 20 kg with Zero Value and allocate the Rs1000 to 80 Kg of MAIZE.
Item costing method is : FIFO
As per them if i pass negative adjustment with Zero value after Recalculation what is the cost impact.
Pls Guide me.
Thanks in Advance.
THINA
0
Comments
Thanks for ur reply.
Through counting journal I will pass the negative adjustment. If you have any other method to map this requirement let me.
Regards,
Thina
100 kgs of material costs 1000 Rs
when you adjust it to 80 by counting journal then the cost will become 800......
Before I draft this query I know that same calculation. I need a solution for this, that's the reason i posted here. Pls reply if you know the solution how to handle this scenario.
Regards,
Thina
I am trying to help you , by knowing exactly what you are doing......
secondly this is not then way of replying.....
This is a kind of Inventory loss
you can either put it as loss (by profit loss journal) or
you can add this to the cost of production( If you are using this material in production)...
I think the best way is to add it to the cost of production.......