Closing stock
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2012
There is a difference between Balance Sheet and Stock given to bank. Is it permissible ?
22 September 2012
Certainly not. That is a grave mistake. Some face saving arguments are.... we value stock at "cost or market" whichever is lower in case of income tax and "cost or market" whichever is HIGHER for bank purpose.
22 September 2012
between both certain amount differs, which can be transferred to "work in progress" you have to remember that stock in balance sheet should go higher than monthly stock. as in banking stock we dont consider the work in progress, and in a manufacturing concern, it can not be zero tollerance for stock keeping.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
