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Need a help n practical problem

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › Need a help n practical problem

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by cardine.
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  • November 24, 2015 at 3:07 pm #284916
    farooq
    Participant
    • Topics: 3
    • Replies: 3
    • ☆

    i am an ACCA and working in a Medicine distribution company need a help regardig transfer of stock
    we used to transfer stock on request of vendor to other distributor either we know or not.after transaction is made Vendor give us credit note agaist that payment not that distributor, helpless how to do that. we do maintain accounts of both distributor and vendor
    do assist please.

    November 24, 2015 at 3:51 pm #284932
    cardine
    Member
    • Topics: 4
    • Replies: 135
    • ☆☆

    Colleague;

    Stock transfer – simple your company still has position of the inventory – Ownership as the risk and rewards are still with the company.

    This is the same as goods on consignment – sale or return basis, and the value of the inventory is still with your company. It should be only recorded as sale when it is sold by the distributor. Cr inventory to reduce amount – quantity and value, then increase receivable – Dr the customer account in the sale ledger control account.

    Depending on the company accounting system – you may just need to use a journal to book the sale in the general ledger – if the system does not automatically update from sale ledger control account. Not every book may be connected – please check and that is why meany accounts are messy and audit charged for their journals – costly to company with inflexible accountant and those who refuse to check entries through the accounting system.

    Please – it is just a contract agreement is used to transfer the good, where the transferee present records of the actual sale for your company update and records for inventory value. You’re the transfer-or – someone selling on your company’s behalf.

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