Sir,During the stock audit, in creditors list one name was purchase bill yet to come and in that there was purchase bill pending and there was list of materials with suppliers name.The party informed me that as they had not maintained Inventory in Tally such thing pops up in Tally., and when disabled it will not show.In purchase account the amount is also displayed in purchase bill to come , but with less amount.According to me, to suppress the creditors for goods so as to have more DP, the party made this trick.Kindly clarify the stand on purchase bill yet to come in tally and whether inventory is not maintained in tally and its effect.Thanks in advance sir.Please reply
How will you account for GPS expenditure of 43 lakhs when the GPS trackers are added to transporter's truck. The truck are used for transportation of Raw material from one location to another but its not fixed which vehicle the transport agency will use to transport the raw material. The truck for us are neither owned nor leased. Those GPS tracking are installed by us on transporters truck & payment is done on reimbursement mode i.e. The transporters have paid first & now we will reimburse them the same.
In following case please suggest me value of inventories:-
A dealer of Mobile as following items as on 31-03-2019
Item Name Quantity Cost Price per unit Market Price per unit
MI 1 100 90
Motorola 1 40 20
please guide value of inventories as on date.