Stock
This query is : Resolved
PRAMOD KUMAR
(Querist)
25 May 2014
Dear Experts,
Intelligence people had visited one of my client's place and found that the physical stock is less than stated in books by Rs. 2 Lakhs. They contend it as sale without bills.
They had collected the VAT cheque of Rs. 29000/= and Penalty cheque of Rs. 5000.
What entries are required to be passed for stock adjustment and whether VAT paid can be claimed as expenses.
Intelligence people had visited one of my client's place and found that the physical stock is less than stated in books by Rs. 2 Lakhs. They contend it as sale without bills.
They had collected the VAT cheque of Rs. 29000/= and Penalty cheque of Rs. 5000.
What entries are required to be passed for stock adjustment and whether VAT paid can be claimed as expenses.
Vishnu Saboo
(Expert)
27 May 2014
this is one kind of tax liability which must be paid by you according to intellegence, you must charge it in rate and taxes, you have to reduce the stock by debiting in increase/decrease account.
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