As per revised schedule wip ?
This query is : Resolved
20 August 2012
sir, as per the old schedules we used to show Closing WIP as P&L after other Income and next we show in BS at asset side.
but as per the revised schedules the Closing WIP where we need to show in the Statement of P&L ? ( as per my understanding this amount net is to be shown under the expenses .i.e Opening WIP minus closing WIP) could you please advise sir.
thank you
Ramesh Final Student.
but as per the revised schedules the Closing WIP where we need to show in the Statement of P&L ? ( as per my understanding this amount net is to be shown under the expenses .i.e Opening WIP minus closing WIP) could you please advise sir.
thank you
Ramesh Final Student.
20 August 2012
In Statement of Profit & Loss-
Separate line item as expense on the face of the statement-
"Changes in inventories of finished goods, work in progress and stock in trade"
Change in WIP shall be shown under this heading in the notes.
In Balance Sheet-
Under "Current Assets" and in current assets under -"Inventories".
Separate line item as expense on the face of the statement-
"Changes in inventories of finished goods, work in progress and stock in trade"
Change in WIP shall be shown under this heading in the notes.
In Balance Sheet-
Under "Current Assets" and in current assets under -"Inventories".
20 August 2012
Agree
Show Under Changes in inventories of finished goods, work-in-progress and Stock-in-Trade in PL Ac
Show Under Changes in inventories of finished goods, work-in-progress and Stock-in-Trade in PL Ac
20 August 2012
thank you Amit and Ayush...regards
Ramesh
Ramesh
Message likes :
1 times
20 August 2012
and one more doubt does the Profit on sale of asset would be shown unde which head of the following
1. other income ?
2. profit / loss for the period from discontinued operations ?
3. or exceptional items ? profit ?
kindly advise me .
thank Ramesh
1. other income ?
2. profit / loss for the period from discontinued operations ?
3. or exceptional items ? profit ?
kindly advise me .
thank Ramesh
20 August 2012
if asset sold is of discontinued operation then under discont oprtn only
if not normal sale then other income
if not normal sale then other income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
