Profit & loss
This query is : Resolved
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.
26 September 2011
Q1 yes u r reqd. to prepare the profit & loss a/c as loss for 2010-11
26 September 2011
Yes depreciation is reqd to b charged on the asset both as per Company accounts and also as per Income tax act
26 September 2011
Yes, the trial production stock to be taken as Closing Stock of the year 2010-11
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