INVENTORIES
This query is : Resolved
15 August 2010
Q) WHICH OF THE FOLLOWING DO NOT CONSTITUTE INVENTORIES ?
a)stock for sale in ordinary business
b)stock for production
c)stock for services
d)stock for share trading
PLEASE !! GIVE ANSWER WITH EXAMPLE.
a)stock for sale in ordinary business
b)stock for production
c)stock for services
d)stock for share trading
PLEASE !! GIVE ANSWER WITH EXAMPLE.
17 August 2010
All of the above will constitute as inventories.
a. finished goods for sale
b. raw material for production
c. spares or consumables for services
d. shares held for share trading. shares held as investment will not constitute inventories but will be accounted as investments
a. finished goods for sale
b. raw material for production
c. spares or consumables for services
d. shares held for share trading. shares held as investment will not constitute inventories but will be accounted as investments
19 August 2010
Stock for services can be catalogues that you have to be given to your prospective customers, stationery (usually banks have large quatity of stationery), sometimes CDs are made for circulation etc. It depends whether you want to expense out these items or show them in stock and expense out on consumption basis. If the quantity is very large, then it has to be taken in stock.
Message likes :
1 times
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
