Hi Raj,
Try this option.
1) Make IR/ER ( Internally repaired/Externally repaired) naming convention for materials. E.g. Material is ABCD. then make IR-ABCD, ER-ABCD as two different material codes with seperate storage location.
2) Whenever you replace the new material ABCD with XXXX. Send ABCD to repair location. after repair, when you install it back on main equipment/Floc, install with IR-ABCD ( if internally repaired) OR ER-ABCD ( if externally repaired)
3) repair cost can be booked via seprate WO while. if repair has been done by external vendor, you can book service PO.
Regads,
Amol