Closing stock
This query is : Resolved
16 August 2011
if i hve:-
opening stock Rs. 1300000/-
+ purchase Rs. 2300000/-
Total Rs. 3600000/-
Sale Rs. 2800000/-
Closing Stock shown Rs. 800000/-
But I don't have any physical closing stock as it destroyed & no insurance claim is taken..
is there any way so that i can show NIL closing stock??
as if i show loss of Rs. 800000/- then
case will go to Scrutiny..
opening stock Rs. 1300000/-
+ purchase Rs. 2300000/-
Total Rs. 3600000/-
Sale Rs. 2800000/-
Closing Stock shown Rs. 800000/-
But I don't have any physical closing stock as it destroyed & no insurance claim is taken..
is there any way so that i can show NIL closing stock??
as if i show loss of Rs. 800000/- then
case will go to Scrutiny..
U S Sharma
(Expert)
16 August 2011
sale of 28 lacs can not be 100% of purchase cost, 15/20% value addition is also there, so the closing stock should be 12 lacs approx
you have to claim the goods destructed in P/L account, however scurtiny can not be avoided.
you have to claim the goods destructed in P/L account, however scurtiny can not be avoided.
Message likes :
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16 August 2011
thanzzz a alot sir
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