vasoya ankit (Practice) (137 Points)
21 May 2013
suppose if a person purchase stationary stock like broacher letter pad visiting cards and like stationery item in bulk like for 300000 lakhs however actually used is just for Rs 70000 in the year of operation, then should we provide for 230000 as other assets and not as an expense ?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 21 May 2013
| Originally posted by : vasoya ankit | ||
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suppose if a person purchase stationary stock like broacher letter pad visiting cards and like stationery item in bulk like for 300000 lakhs however actually used is just for Rs 70000 in the year of operation, then should we provide for 230000 as other assets and not as an expense ? |
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Stationery used amount only appear debit side of the P & L A/c and closing stock to be shown as an asset in Balance sheet. in case of bulk purchases.
vasoya ankit
(Practice)
(137 Points)
Replied 22 May 2013
is there any legal clarification regarding this ? 
in schedule vi or AS etc
CAclubindia
