New schedule vi - companies act
This query is : Resolved
15 June 2012
I am confused with 2 heads in statement of profit and loss... what is the difference b/w 2 heads namely cost of material consumed and Purchases of stock in trade.. In which head I have to show purchases in case of trading concerns..
15 June 2012
Show under "Purchases of Stock in trade"
The other one is applicable mostly for a entity in manufacturing or in similar activity.
The other one is applicable mostly for a entity in manufacturing or in similar activity.
CA CS Amit S. Kedia
(Expert)
16 June 2012
If it is the case of trading concern then the head " Cost of materail consumed" is not applicable to you. You will just have to show purchase of goods under "purchase of Stock in trade".
18 June 2012
Then where we have to show Opening stock, Direct expenses and closing stock?
CA CS Amit S. Kedia
(Expert)
18 June 2012
Direct expense will be booked under direct expense only and one more item will be there called " Increse/Decrease in Stock in trade".
both of them will be separate line items in P&L Statement.
both of them will be separate line items in P&L Statement.
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