CLOSING STOCK
This query is : Resolved
harpal singh
(Querist)
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.
Taranjit Singh
(Expert)
27 September 2009
If this query is still pending then please post it again by updating......Good wishes.....or you can also send me a PM.
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