Export Sales or Stock

This query is : Resolved

Saurabh Aggarwal (Querist)
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03 April 2010 One of my client is engaged in exports. He has sent one shipment of Rs.480000 on 19-03-2010. But due to strike by British Airways his goods are lying at the warehouse of his cargo agent. He has not got the custom bill. During all this the financial year has changed from 2009-10 to 2010-11.

Kindly tell whether it shall be considered as export sales or stock.

Thanks & Regards

Saurabh Aggarwal

Prakash Jasani

Prakash Jasani (Expert)
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03 April 2010 stock n transit accordng to me

Saurabh Aggarwal

Saurabh Aggarwal (Querist)
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04 April 2010 But the goods has not been sent to a branch and it has been sent to a client. Should I disclose it as export sales in VAT returns or as closing stock

Prakash Jasani

Prakash Jasani (Expert)
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05 April 2010 dear saurabh,

accordng to my logic once good are moved from your premises then it should be considered as a sales.

u also shown in vat returns.

bt important thng s dat ki u should put d 1 note in notes to accts regard dis type of transaction.

further u hv any doubt den tel dear.

might be nw u r clear abt dis.

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