CLOSING STOCK
This query is : Resolved
15 April 2008
THERE WAS RAID BY IT DURING THE YEAR 2006-07. STOCK BY AMOUNT OF RS.00000.00 AND DEPOSIT TAX ACCORDINGLY. ( IT WAS U/S 133A) AND THE ASSESSEE MAKE THE FOLLOWING ENTRY STOCK A/C DR ( UNDER CURRENT ASSETS) AND CAPITAL A/C CR.
BUT AT THE TIME OF MAKING THE BALANCE SHEET AND TPL. THE ASSESSEE HAD TAKEN AS CLOSING STOCK IN THE TRADING ACOUNT.
THUS THERE ARE THREE ENTRY AS FOLLOWS:-
STOCK CREDITED TO TRADING A/C
STCOK CR. TO CAPITAL A/C
CLOSING STCOK UNDER CA IN BALANCE
WHETHER IT IS OK.
BUT AT THE TIME OF MAKING THE BALANCE SHEET AND TPL. THE ASSESSEE HAD TAKEN AS CLOSING STOCK IN THE TRADING ACOUNT.
THUS THERE ARE THREE ENTRY AS FOLLOWS:-
STOCK CREDITED TO TRADING A/C
STCOK CR. TO CAPITAL A/C
CLOSING STCOK UNDER CA IN BALANCE
WHETHER IT IS OK.
27 September 2009
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