06 September 2011
I am having Pvt. Ltd. Manufacturing company and constructed building and purchased machinery and other expenses incurred during 2010-11 but no commercial production only trial production. During 2011-12 only I started commercial production and sales invoice made. 1. I want to know whether I can prepare profit and loss account for 2010-11 which is loss. 2. Whether Depreciation can be calculated for 2010-11. 3. The trial production material can be taken as closing stock for 2010-11 in case if we prepare profit and loss.
CAclubindia
