Revised schedule vi
This query is : Resolved
Shruthi Shetty
(Querist)
03 July 2012
Where will the increase in WIP appear in revised Schedule VI which was appearing as a Income item in the last year Profit & Loss A/c?
03 July 2012
The language used in Revised schedule VI is CHange in Inventory.
This has to be classified in cost of sales.
Change will include both; increase as well as decrease.
Thus entities following a practice of showing increase as part of total income, will be impacted on account of this presentation.
This has to be classified in cost of sales.
Change will include both; increase as well as decrease.
Thus entities following a practice of showing increase as part of total income, will be impacted on account of this presentation.
Shruthi Shetty
(Querist)
03 July 2012
Thank You Sir,Does it means it will be shown as an expenditure item ?
03 July 2012
Yes, negative in expenditure.
Shruthi Shetty
(Querist)
03 July 2012
Thanks a lot
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