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| Corporate practice bd |
Sales of Scrap Journal Entry-(Corporate Accounting)
When a company sells scrap materials, it needs to record the transaction in its accounting records. Scrap materials are often the by-products or residuals of a manufacturing process that are no longer usable in their current form for production. The sale of these materials can generate additional revenue.
Table of contents:
1.Cash Sales of scrap to ABC Enterprise
2. When cash received against Sales of scrap to ABC Enterprise
3. Cash Sales of wastage P P Bags to AR enterprise
4. When cash received against Sales of scrap to AR enterprise
Let's Start with Practical Examples:
Voucher No. 01
Sales of scrap to ABC Enterprise:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
ABC Enterprise -Advance Against sales
|
***** |
|
|
|
Sales TBR Scrap
|
|
***** |
|
|
Sales RTG Scrap
|
|
***** |
|
Narration:
Sales of scrap to ABC Enterprise
Voucher No. 02
When cash received against Sales of scrap to ABC Enterprise:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Factory Petty cash
|
***** |
|
|
|
ABC Enterprise -Advance Against sales
|
|
***** |
|
Narration:
When cash received against Sales of scrap to ABC Enterprise
Voucher No. 03
Cash Sales of wastage P P Bags to AR enterprise:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
AR- Enterprise -Advance Against sales
|
***** |
|
|
|
Sales of PP bags
|
|
***** |
|
Narration:
Cash Sales of wastage P P Bags to AR enterprise
Voucher No. 04
When cash received against Sales of scrap to AR enterprise:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Factory Petty cash
|
***** |
|
|
|
AR- Enterprise -Advance Against sales
|
|
***** |
|
Narration:
When cash received against Sales of scrap to AR enterprise
Very nice
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