Inventory accounting
This query is : Resolved
13 December 2013
Till last year, we were treating all the purchases as expenses, and no inventories were identified.
From this year, we are planning to introduce inventory (opening and closing).
How can I do it (Opening and Closing)
What are the entries to be passed?
Is there any reversal required in the next year?
Last year's accounts are finalised and signed, no inventory is provided in books and statements. But actual physical inventory is there. I know, this is a wrong treatment.
Pls advise.
Thanks in advance
From this year, we are planning to introduce inventory (opening and closing).
How can I do it (Opening and Closing)
What are the entries to be passed?
Is there any reversal required in the next year?
Last year's accounts are finalised and signed, no inventory is provided in books and statements. But actual physical inventory is there. I know, this is a wrong treatment.
Pls advise.
Thanks in advance
13 December 2013
you can start closing stock from current year
13 December 2013
If I want to add Opening stock from this year, how can I do it
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Agriculture income or business income
- Supply through E-commerce Operators
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
