Guys,
In dept Trading a/c,will opening &closing stock be shown at cost or, will it include unrealisable profit also..!? Reply asap Thanks
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 14 December 2009
When one department supplies goods to another department, the supplying department should be credited and the receiving department debited.
Usually, goods are supplied at cost, but if goods arre supplied at selling price, a reserve will have to be created in respect of stock of such goods at the date of closing.
The reserve will equal the profit included in the transferred goods.
Sometimes, one department renders services to another department. In such a case also, the department rendering the services will be credited and the one receiving service debited.
Adarsh
Whizkid
(student)
(640 Points)
Replied 16 December 2009
Bt tht was done differently for purchsd goods trnsfrd n fin goods.....Can u tel me bt accountin for the same in dept tradin a/c..?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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