28 February 2011
Purchase for financial year 2010-2011 is 50 lakhs ,closing stock of previous year brought into profit lost statement is 6 lakhs and profit is say 5-6 lakhs(excluding indirect expenses).
Sales say 43 lakhs and closing stock for this year somewhere around 15-25 lakhs.
I am confused regarding purchase part as i have seen too many topics on forum where people suggest even if purchase surpasses the limit audit becomes necessary though sales to be lower than that.
CAclubindia
