Answer / Prabhat Rawat

Inventory Accounting Procedure:
1. Domestic Purchases:
- Record the purchase invoice, including VAT, CST, and Excise duty payable (if applicable).
- Record the actual cost of goods purchased.
- Record the opening stock of goods on hand.
- Calculate the closing stock of goods on hand.
- Prepare a purchasing register and a purchasing ledger.
2. Import Purchases:
- Obtain the import license and clear customs (if necessary).
- Record the invoice, including Direct Expenses and Excise duty payable (if applicable).
- Record the actual cost of goods purchased.
- Record the opening stock of goods on hand.
- Calculate the closing stock of goods on hand.
- Prepare an import register and an import ledger.
3. Price Difference Entry: When the cost of goods increases or decreases due to factors like price fluctuations, damaged goods, or obsolete inventory, record the price difference in the inventory journal.
4. Cash Discount & Trade Discount on Purchases: When offered by suppliers, deduct cash discounts from the total amount payable and calculate trade discounts as a percentage of the net amount. Record these adjustments in the purchasing ledger.
5. Domestic Sales:
- Record the sales invoice, including VAT, CST, and Excise duty charged (if applicable).
- Record the actual cost of goods sold.
- Calculate the gross profit for each sale.
- Prepare a sales register and a sales ledger.
6. Export Sales:
- Obtain the export license and complete customs clearance (if necessary).
- Record the sales invoice, including Customs duty charged (if applicable) but not Excise duty as it is already paid at the time of import.
- Record the actual cost of goods sold.
- Calculate the gross profit for each sale.
- Prepare an export register and an export ledger.

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