Silver loan
This query is : Resolved
deepak Jhunjhunwala
(Querist)
02 August 2012
Hello ..... Everyone I have a Query for You which is posted as shown below
XYZ a Trading Firm it is engaged in the business of Silver & Gold Ornaments
firm has taken a Silver as Loan (E.G.10 Kg of Silver taken from Individual) and at the end of the year silver of 11 kg is given to such Individual whether there is any impact on valuation of Closing Stock and what would be the impact of such transaction in the Books of Firm & Individual
XYZ a Trading Firm it is engaged in the business of Silver & Gold Ornaments
firm has taken a Silver as Loan (E.G.10 Kg of Silver taken from Individual) and at the end of the year silver of 11 kg is given to such Individual whether there is any impact on valuation of Closing Stock and what would be the impact of such transaction in the Books of Firm & Individual
Amol S Joglekar
(Expert)
02 August 2012
The rate at which the silver is taken on loan shall go to 'silver on laon'a/c. The difference between the return value and incoming value shall be treated as interest and will go to profit and loss account. In between if the year end occurs, cost or market value which ever is lower shall take care of closing stock.
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