calculation of Gross Profit Amount and Closing Stock
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2010
Respected CCI member please heip me regarding valuation of closing stock of trading partnership firm of stationery .
Opening Stock NIL
Purcahse 489475 , sales 259590
Direct Income 8601,
Can any one help me for finding out gross profit and closing stock amount.
And i also want to know what should be gross profit and net profit ratio in trading business.
Opening Stock NIL
Purcahse 489475 , sales 259590
Direct Income 8601,
Can any one help me for finding out gross profit and closing stock amount.
And i also want to know what should be gross profit and net profit ratio in trading business.
20 March 2010
There is no standard GP/NP ratios. They differ from business to business from product to product and also depends on whether a trader is a Retailer or a Wholesaler.
"Closing stock" is the value of goods that are available as unsold stock as at the end of the financial period which is usually one year. You have to quantify the unsold stock and evaluate them.
"Closing stock" is the value of goods that are available as unsold stock as at the end of the financial period which is usually one year. You have to quantify the unsold stock and evaluate them.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Residential status of non resident
- NRI INSURANCE ADVISOR
- Taxability of credit in canara bank ET & T section (NRO)
- Traces submitting correction statement error
- ASMT-10 received from A O
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
