Inventory report negative balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2018
Hi all
I am managing the accounts of a petrol dealer, we have petrol bunks and depot also. we sell petrol and diesel in wholesale and retail. sometimes, when we face shortage of stock, we borrow it from other dealers and return it to them when our stock comes (like barter system) and also some times we take petrol from them and in return we gave them diesel and vise versa.
now at the end of the financial year, we found that the stock (qty) is showing a negative balance (means we have to return the stock to another dealer)
since we have not paid / received any amount for these stock transfers we are not showing sales / purchase for these transactions, Only physical stock register is maintaining for these kind of transactions.
Is there any way to show negative value of stock in the balance sheet?
please help me
Thanks
Rens Sebastin Lukose
I am managing the accounts of a petrol dealer, we have petrol bunks and depot also. we sell petrol and diesel in wholesale and retail. sometimes, when we face shortage of stock, we borrow it from other dealers and return it to them when our stock comes (like barter system) and also some times we take petrol from them and in return we gave them diesel and vise versa.
now at the end of the financial year, we found that the stock (qty) is showing a negative balance (means we have to return the stock to another dealer)
since we have not paid / received any amount for these stock transfers we are not showing sales / purchase for these transactions, Only physical stock register is maintaining for these kind of transactions.
Is there any way to show negative value of stock in the balance sheet?
please help me
Thanks
Rens Sebastin Lukose
29 April 2018
Negative value of stock can't be shown in Balance sheet. Debit stock and credit stock borrowing returnable. By this entry positive stock can be shown in BS.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
