Opening stock misstated
This query is : Resolved
21 September 2013
The closing stock in the previous year's Balance Sheet was misstated. Can it be rectified as a prior period item this year. If not, then how should the Opening Stock be dealt with in the current year's P/L Account?
22 September 2013
These are the ways
1) Valu the present year's stock on actual basis including the left out items
2) Show the valuation difference as previous years item
3) Put a note in the notes to the accounts
4) Let the valuation be done by an independent authority
1) Valu the present year's stock on actual basis including the left out items
2) Show the valuation difference as previous years item
3) Put a note in the notes to the accounts
4) Let the valuation be done by an independent authority
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
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
