Poonawalla fincorp
Poonawalla fincorp

Closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 May 2013 Dear Experts,

on what Circumstances Closing Stock will not appear in P & L Account and will only appear in Balance Sheet. and where they are adjusting.

Closing Stock is not there in P & L for FY 2011 and they taken as Opening Stock in 2012
but in Balance Sheet it Appears in 2011.

In ITR 5 In Balance Sheet They mentioned

Raw Materials xxx
Consumables xxx
Stock in Process xxxx
Finished good xxx

But in P & L they only Taken WIP & Finished Goods

Is there any Particular Reason not to Consider the Consumable & Raw materials

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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
09 July 2013 When any consumable stock is there only the consumption made during the year will appear and P & L A/c and the balance will appear in BS

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