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Income tax

ruchita (student) (85 Points)

16 December 2017

in FY:15-16 am in trading business....& i have closing stock Rs.78000 ...bt in FY: 16-17 I change my business....stiching & embroidery job work then....in FY:16-17....CLOSING STOCK RS.78000 ki entry financial statment me kese dikhani hogi??

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14 Replies

satish (teaching) (2046 Points)
Replied 16 December 2017

are you using Tally?

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ruchita (student) (85 Points)
Replied 18 December 2017

yes........

satish (teaching) (2046 Points)
Replied 18 December 2017

Here no need to pass the entry for closing stock in tally. tally software will takecare the adjustment entry. simply we need to update the stock information.

Gateway of Tally - Masters - Account Info - Ledgers - single ledger - alter - name of the ledger (closing stock)

here update info as follows

Closing balance : date 31-03-2017 <enter> Rs. 78,000/-

ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

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ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

ruchita (student) (85 Points)
Replied 21 December 2017

OK...THANKS...BT DIRECT MUJ P& L N BALANSHEET BNANI HO WITHOUT USING TALLY....TO CLOSING STOCK DIKHANE KI JARURAT HE MUJ NEW P& L ME?

satish (teaching) (2046 Points)
Replied 21 December 2017

Closing stock a/c Dr. (Assets - under B/s) To Closing stock A/c ( to be transfer to trading A/c) 2. Closing stock A/c. Dr. To trading A/c

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satish (teaching) (2046 Points)
Replied 21 December 2017

1. Closing stock a/c Dr. (Assets - under B/s)

To Closing stock A/c ( to be transfer to trading A/c)

2. Closing stock A/c. Dr.

To trading A/c

ruchita (student) (85 Points)
Replied 21 December 2017

MERI STICHING INCOME HE TO ME TRADING AC TO BNAVUNGI NHI....TO PROFIT AND LOSS AC ME KESE SHOW KRU VO MERA Q HE??

satish (teaching) (2046 Points)
Replied 21 December 2017

In that case closing stock can be deductable from material purrchase.

then actual consumption can be disclosed as expenditure.

for example purchase of material is Rs.1000 during the year.

By the end unused material is Rs. 200.

while preparation of Profit and loss a/c Material actually consumed is considered. and balance amount (closing stock) to be transferred to Balance sheet.