can we set profit by adjusting closing stock??
This query is : Resolved
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????
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.
12 September 2009
while making adj. with cl.stock, you have to make sure that there is no change in g p ratio.
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