Inventories
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2010
In our company books its shown
in Balance sheet closing stock=closing stock of Raw materials,w-i-p,stores spares,Finished goods but in Profit & Loss A/C the opening stock and closing stock shown only the stock of Finished goods and w-i-p why ?
in Balance sheet closing stock=closing stock of Raw materials,w-i-p,stores spares,Finished goods but in Profit & Loss A/C the opening stock and closing stock shown only the stock of Finished goods and w-i-p why ?
Aditya Maheshwari
(Expert)
29 June 2010
Then ur purchase must have been including op + purchase - closing. That presentation is is also acceptable. The figure shown is of consumption of raw materials.
29 June 2010
Agreed with Aditya Ji.
In this case you have to fill opening stock of RM/ Packing material in ledger as opening and you have to also fill closing stock also in ledger. By this you got in Profit & Loss , net balance of purchase i.e Good consumed during the year.
In this case you have to fill opening stock of RM/ Packing material in ledger as opening and you have to also fill closing stock also in ledger. By this you got in Profit & Loss , net balance of purchase i.e Good consumed during the year.
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