Hire purchases-ipcc
This query is : Resolved
18 October 2011
could some one help me how to tackle with stock/asset repossessed .i mean wile preparing HP trading A\c at which value should the repossessed stock or asset should be taken.I'm getting damn confusion about it
30 October 2011
Hi,while solving HP problems,Prepare Repossessed stock a/c in two sections. just transfer HPP of goods repossessed from credit side and loading from debit side of HP Trading A/c to repossessed stock A/c (Ist part). Show he valuation given in the question as closing balance of 1st part. The differencial figure is Profit or Loss on repossession. Closing balance of 1st part is opening balance of second part. record further exp. incurred on repossessed stock on dr. side and sales proceeds on cr. side. the difference is Profit or loss on sale of repossessed stock.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
