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Accounting treatment of stock in trade

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2013 can anybody tell the accounting treatment of stock in trade converted into fixed asset
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
23 September 2013 Fixed Assets Dr. and Stock Cr.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2013 but when closing stock which is trasferred to capital asset is reduced from closing stock shown in Profit n loss a/c . will it not require any accounting treatment in capital as profit will be less by that amount.
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