hello,
I want to know the accounting entry of finished goods after pp:
the following entries are-
1. On completion of production confirmation the following entry is passed
Finished goods stock A/c Dr
Cost of goods produced Cr
2. Settlement to production orders for variances will pass the following accounting entry
Price Diff / Variance A/c Dr / Cr
Cost of goods produced A/c
Cr / Dr
3. At the time of issue of finished goods against the sale order, the following entry is passed
Cost of goods sold A/c Dr
Finished goods stock A/c Cr
this is correct but i want know the entry passes before point no.3 ie
if COGS a/c is debit then at what time it was credited.
urgent
points will be given