Menu
Regarding accounting treatment of recharge value
a mobile recharge shopkeeper received value amounting Rs 50000 from Reliance to recharge customer's mobile no. & he treated the above mentioned value as his purchase. if some amount is still left at the year end, can we treat that amount as closing stock.
Replies (2)
yes definitely it is ur stock which u r selling.
But its quantity can not be measured in units.....how will we justify it in tax Audit
Recent Threads
- Where to know latest GST HSN Codes and their Rates
- Hsn code and rate cnsl crude oil
- Clarification required on taxation of income from
- Pension Income up to Rs.1,66,250 per month equal t
- Reappointment of Managing Director in a private li
- VAT deducted by Saudi company
- RCM doubt please clarify
- Should open NRO account?
- Which IT section applicable for cash transaction i
- ITR -property dealer
Related Threads
CAclubindia
