Question

Write a note on ‘Inter-Departmental Transfer’.

Answer 1

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.

Answer 2

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The goods transferred by one department to another department is called inter-departmental transfers.

The department sending the goods is debited and the account of receiving department is credited.

Inter-departmental transfers is made on the following basis:

INTER-DEPARTMENTAL TRANSFER AT COST PRICE

The price at which one department supplies goods to another department or when some services are rendered by department to the another department is known as Transfer Price. It refers to the charge made for goods and services sold internally. It may be market price if one is available.