Question

inter departmental transfer means
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Answer 1

Answer:

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Explanation:

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The Interdepartmental Transfer form (IDT) is used purchase goods or services from another University department. The department receiving the goods or services is responsible for initiating the form. ...

Answer 2

Answer:

The Interdepartmental Transfer form (IDT) is used purchase goods or services from another University department. It is not to be used to transfer funds between departments nor is it to be used to purchase goods or services from off-campus vendors.

Additional information:-

Types of Inter Departmental Transfer

1) Transfer from One Department to another Department at Cost Price, i.e., Cost Based Transfer Price:

Under the circumstance, the supplying department should be credited at–cost and the receiving department should be debited at cost, i.e., by the same amount. The so-called cost price may be considered as actual cost or standard cost or marginal cost and, accordingly, transfer price is based on any of the above methods.

2) Transfer from One Department to another Department at Invoice Price/Provision for Un-realised Profit—Market Based Transfer Price:

In this case, the Departmental Trading Account of the receiving department is debited and the issuing one credited. Now, if the entire goods of the receiving department is sold within the year, practically no problem arises since notional profit materializes into actuality. But problem arises in the cases where there is unsold stock (i.e., if the entire goods are not disposed off).

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