Solution Required Background
Business has purchased 10 quantity of material worth rs 100 with PO having account assignment P, resulting in to booking of consumption expense at the time of MIGO on WBS..
Settlement has been carried out via cj88 and the same has been transferred to capital work in progress.
Stock is not completely consumed on project and 6 quantity worth Rs 60 physically present in stock but not in system
Business wants to show inventory of 6units worth Rs 60 in there books of accounts and want to reverse capital work in progress.
Entry Required in nutshell
Inventory a/c dr (6nos) 60
Cwip a/c cr 60