i have opened a pvtltd co last yr in november...i am not so good in tax rules...plz help.
q1.how to do closing stock valuation...on following situation
a...i hav a stock of 700 bags..600 bags purchased @ 500 and 100 @ 600..the question is how to value the stock..wil it be calculated at average cost?(all local purchase)
b...have a stock of 400 bags (purchased outside the home state),the invoice value is 200,carriage 10 per bag,the company give a rebate of 20 per bag(separate credit note is given),i beleive this rebate will come under a new ledger DIRECT INCOME,but when we do valuation of this stock of 400 bags,will it be calculated like this:-
400-20+10=390??
q2...i m getting negative cash balance in the next financial yr(2011-12) in the month of june and july.this hase happened as some cash expenses were not added in expense account in last yr(2010-11)and now after providing the same the cash balance in april and may is ok,but mune and july has become negative.
how to make cash positive?can i show book transfer of cash from mi personal account(i m director in the pvtltd co)or is their any other way??
q3.in tally stock valuation can be show under various method,fifo,fifo perpetual,average cost...for closing stock valuation can the tally valuation be used?is it perfect?which method to use.
please help me fast as audit last date is approching
CAclubindia
