unfix purchase transaction
This query is : Resolved
08 May 2008
There was a Unfix Purchase of Gold Bar in March of last year, now the creditor produce the invoice in current year 2008-09 for the above unfix purcahse. So what is the Accounting and Tax Treatment.
11 May 2008
the purchase will be considered only when the invoice is prepared
dont include the unfix purchase in closing stock
show it is as an contingent liability as per AS 5
margine payment for unfix ourchase are advance
TAX TREATMENT
whole purchase is allowed in the year in which transaction of 2008-09
no wealth tax is liable as the gold is in stock and its assumed that its for trading so no capital gain tax also.
dont include the unfix purchase in closing stock
show it is as an contingent liability as per AS 5
margine payment for unfix ourchase are advance
TAX TREATMENT
whole purchase is allowed in the year in which transaction of 2008-09
no wealth tax is liable as the gold is in stock and its assumed that its for trading so no capital gain tax also.
13 May 2008
Suppose I Received Physical stock in March 2008, and the Purchase invoive generated in 2008-09 I have also given a margin mony against delivery of goods. so what is the effect on closing stock and should I considered the purcahse in March 2008.
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
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
