can we set profit by adjusting closing stock??

This query is : Resolved

rajiv (Querist)
Follow

12 September 2009 i want to know from experts that can we set profit by adjusting closing stock and whether it true. many CAs are doing this and setting the profit required by the client. so how closing stock is adjusted????

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
Follow

12 September 2009 Dear This is one of the art. And CA suggest that closing stock are taken at cost, which is always lower then N.R.V. CA never set the profit. and now in this period when one time closing stock given in vat department then u can not change it for set the profit.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
Follow

12 September 2009 while making adj. with cl.stock, you have to make sure that there is no change in g p ratio.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

mahendra zaveri

sachidanandam

S D Kannan

SARAVANAN PALANISAMY

Srikanthan S

Subscribe Now

can we set profit by adjusting closing stock??

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA