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When we but the scrap ( waste ) in the sales ( net of sales ) or in the revenue ?

when are the situations that we can but the scrap ( waste ) in the sales ( net of sales ) or in the revenue ??

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Question ajoutée par Shady Magdy , Senior Accountant , Mscanco Egypt
Date de publication: 2018/05/13
Muhammad Iqbal
par Muhammad Iqbal , Treasury/Accounting Analyst/Cost Controller , Yanbu Aramco Sinopec Refining Company Limited (YASREF)

In most of the manufacturing companies separate scrap sales ledgers are maintained and thus it is booked as revenue (Other Income).

Nidhi Agrawal
par Nidhi Agrawal , Group Finance Manager , Sidra LLC

Until scrap items aren't sold off, deduct it from sales. At the time of selling this waste stock, we need to show it differently under incomes via bank/cash.

 

Telbin P Thomas
par Telbin P Thomas , accountant , COX AND KINGS TOURS

Some of the situations the manufacturing company like metal items using company thats production time metal thonks are waste that will be salebale as a revenue

Muhammad Zain
par Muhammad Zain , Accounts Officer , 3S Systems - C.GROUP

When we don't sale scrap then we minus wastage from Sales and show net sales (Sales-Wastage=Net Sale) and When we sale this scrap then we also need to show in income or revenue because our income(cash/bank) is increasing after sale of scrap. Then we need to pass the Journal Entry:

Cash/Bank--Dr.         

&      Sale of Scrap--Cr.    

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