Valuation class, G/L accounts for trading business

[Former Member]

Dear all

With considering to our textile items trading project we would like to get the idea regarding the valuation class, G/L accounts. The business process is individual process.

We may think to go the valuation class as

Stationaries , services-Building, Trading goods.

The G/L accounts are

GR/IR receipt Trading goods,Cost of goods sold, freight deleivery ,GR/IR services, repairs building, sales return

is it correct? If iam in wrong please advice

[jignesh_mehta3]

You might also require FG: Production & Purchase a/c.

Thus when you do GRN the entry would be:

FG Prod & Purchase A/c Dr.

To GR/IR A/c.

And when you post goods issue the entry would be:

Cost of Goods Sold A/c Dr.

To FR Prod & Purchase A/c.

Hope this helps..

Reqard if Useful...

Thanks,

Jignesh Mehta

Mumbai

98700 10230