Closing Stock

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2010 I don't maintain the stock record, then how can i calculate my closing stock at the end of the financial year, i maintain rest all books of accounts, how can i guess the closing stock and how can calculate my gross profit,,

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 November 2010
For future :
You can make list of Inventories or Physical Stock as on the last date of every financial year and make valuation of the same on the basis of cost or net realisable value, which ever is less.
In future you will always have the actual Opening Stock as well as actual closing Stock.
This exercise has to be done on 31st March every year.

For Past:
i.e. as on 31.3.2010
Count your hens today.
Add Sales quantity in respective items of inventory held by you as on today. You may add here Purchase Return also if any.
Deduct Purchased/Sales Return quantity from it . The Balance will be Opening Stock as on 01.04.2010 vis-a-vis Closing Stock as on 31.3.10 for the FY 2009-10.
This is possible only when you are recording quantity/quality in the Sales Purchase Register of current year.

For Present :

If you do not want to exercise any of the option, leave the matter upon AO. He will suitably guess the reasonable value.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2010 Thanks a lot sir...

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