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Profit & loss

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06 September 2011 I am having Pvt. Ltd. Manufacturing company and constructed building and purchased machinery and other expenses incurred during 2010-11 but no commercial production only trial production. During 2011-12 only I started commercial production and sales invoice made. 1. I want to know whether I can prepare profit and loss account for 2010-11 which is loss. 2. Whether Depreciation can be calculated for 2010-11. 3. The trial production material can be taken as closing stock for 2010-11 in case if we prepare profit and loss.
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
26 September 2011 Q1 yes u r reqd. to prepare the profit & loss a/c as loss for 2010-11
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
26 September 2011 Yes depreciation is reqd to b charged on the asset both as per Company accounts and also as per Income tax act
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
26 September 2011 Yes, the trial production stock to be taken as Closing Stock of the year 2010-11
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