i am receiving some raw materials from my customer through delivery challan . Now how can i accounting for this transaction.
I haven't a clue, but it might be because your question needs rephrasing.
In lieu of payment?
You need to show the sale and purchase as if real money had passed hands. Depending on your bookkeeping software, the easiest way to do this might be to pretend the money came in and was paid out again.
Does the material remain the property of the customer, are you supposed to ,say ,add some value to it and hand it back to your customer once the works on/with the material complete?
Dr Materials; Cr Something Else
Ok, why not.
Cr Trade debtors
Ah, you have a stock a/c. Nice.
I don’t. Why would I?
Are you intending to cook the raw materials prior to selling them? If so, remember to charge the correct rate of VAT.
An 'executive accounts' bod would surely be able to string together a coherent sentence, whilst suggesting a possible solution for awebbers to check?!