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Closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 September 2012 There is a difference between Balance Sheet and Stock given to bank. Is it permissible ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
22 September 2012 Certainly not. That is a grave mistake. Some face saving arguments are.... we value stock at "cost or market" whichever is lower in case of income tax and "cost or market" whichever is HIGHER for bank purpose.
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U S Sharma

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U S Sharma (Expert)
22 September 2012 between both certain amount differs, which can be transferred to "work in progress" you have to remember that stock in balance sheet should go higher than monthly stock. as in banking stock we dont consider the work in progress, and in a manufacturing concern, it can not be zero tollerance for stock keeping.
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