I had put excess stock than actual in audited balance sheet of 18-19. Is there any way out correct it. can i take this year correct stock ( opening stock in Trading A/c)?
2. As the firm is closing, as per book there is around 120000 stock, but actually there is not so much stock. And right now, there is no input in hand. All the inputs were utilised. So it is very difficult to pay tax on closing stock?
3. Can we show gross loss in trading A/c?
3 Replies
David
(article Assistant)
(1639 Points)
Replied 21 June 2020
Can you mention which is the stock that is written off
David
(article Assistant)
(1639 Points)
Replied 21 June 2020
You can account the increased value of stock as prior period item in financial year 19-20 with relevant notes and adjustments can be shown it in profit and loss account.
Current Year stock should be properly valued and disclosed, in addition to the cross verification of input and output supply as mentioned in GSTR returns of last yr and this yr.
Current Year stock should be properly valued and disclosed, in addition to the cross verification of input and output supply as mentioned in GSTR returns of last yr and this yr.
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