Branch Transfers...Urgent Sir!!!
This query is : Resolved
09 September 2010
Dear Experts,
For an Assessee doing business he has 2 places of business. One is treated as Head Office and the other as Branch Office.
Both the Head Office and Branch Office has separate Trial Balance. Assessee does not want to file separate P&L A/c and Balance Sheet starting from this year. My doubts are
(1) In both the T.B. there is stock transfer from H.O. and B.O. How i have to treat the stock transfer from H.O. other than not crediting in P&L A/c?
With regards,
Rajesh.
For an Assessee doing business he has 2 places of business. One is treated as Head Office and the other as Branch Office.
Both the Head Office and Branch Office has separate Trial Balance. Assessee does not want to file separate P&L A/c and Balance Sheet starting from this year. My doubts are
(1) In both the T.B. there is stock transfer from H.O. and B.O. How i have to treat the stock transfer from H.O. other than not crediting in P&L A/c?
With regards,
Rajesh.
09 September 2010
merge both the stock and u have to prepare one consolidated profit and loss account..
further you have to create stock reserve account, by which ur stock is in excess due to profit margin.
further you have to create stock reserve account, by which ur stock is in excess due to profit margin.
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CMA Ramesh Krishnan
(Expert)
10 September 2010
yes,merging the stock and difference transfer to stock reserve a/c
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