Whats the difference b/w Statements of Inventory and Inventory Books?



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Why have Tally Solutions (Pvt) Ltd differentiated Inventory Reports between 1) Statements of Inventory and 2) Inventory Books? Is there any logic behind this?

The word 'Statements' indicates that it is not a primary record of accounting transactions but rather a report generated using the primary accounting records like stock item ledgers etc. The Word 'Books' indicates that they are primary stock records or inventory 'ledgers'. BUT both contain reports as well as books.

Can someone please correct my understanding so that the confusion is removed? thanks!

2 Answer(s)


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Regardless of the method used in setting
intercorporate transfer prices, the elimination
process must remove the effects of such sales
from the consolidated statements.

When intercorporate sales include profits or
losses, there are two aspects of the workpaper
eliminations needed in the period of transfer to
prepare consolidated financial statements.

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no aachit I am not talking about financial statement consolidation. I am talking about the 2 categories of inventory reports in tally. you missed it by a mile.

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