Accounting treatment of recharge value for recharge vendor
This query is : Open
26 September 2014
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.
30 September 2014
As you have treated on its arrival as Purchases, you can treat the balance as Closing Stock.
But I am not sure yet, as it can also be treated as cash equivalent.
But I am not sure yet, as it can also be treated as cash equivalent.
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