Silver loan
This query is : Resolved
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
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.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
