stock calculation

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CA Krishna Chaitanya M

Chartered Accountant

463 Points Joined October 2009

for retail business, doing business of many items like soaps,cosmetics,crockeries..........etc, how to calculate stock on 31/3 , is it necessary to calculate stock of individual items, he is a vat dealer maintaining purchase accounts as 14.5 and 4 percentage respectively

Replies (1)

s.vaidyanathan

119 Points Joined November 2008

Dear Friend,

The General Procedure is to take a Physical Verification of all Stocks as on 31/3/10. Getting a list of all products is advisable as un need to specify it in Form 3CD. Closing stock is to be calculated inclusive of VAT as Per Sec 145 A of IT Act .

Hope this satisfy ur needs

S.V