Stock difference books vs physical stock
This query is : Open
09 June 2021
Sir,
In case-1
Stock value as per books rs:10 lacs
Physical stock value verify in trade rs:15 lacs
In case-2
Stock value as per books rs:15 lacs
Physical stock value verify in trade rs:10 lacs
Question:
A gst registered above mentioned two cases stock difference value adjustment procedure in books under gst act.
In case-1
Stock value as per books rs:10 lacs
Physical stock value verify in trade rs:15 lacs
In case-2
Stock value as per books rs:15 lacs
Physical stock value verify in trade rs:10 lacs
Question:
A gst registered above mentioned two cases stock difference value adjustment procedure in books under gst act.
10 June 2021
Case1:
1) Excess physical stock over books can be due to missing of purchase transactions, duplicate entries on consumption etc. Missing purchase entry if any can be made; incorrect consumption entries can be reversed.
2) If there is only data entry error, you may make adjustment entries in the books by making entry of correct stock to match books with physical stock. Software usually takes care of adjustment of value of stock.
Case2:
1) Shortage of physical stock as compared to books can be due to duplicate purchase entries, missing consumption entries etc. which can be corrected.
2) If the reason for shortage cannot be identified, ITC too (on adjustment) needs to be reversed.
1) Excess physical stock over books can be due to missing of purchase transactions, duplicate entries on consumption etc. Missing purchase entry if any can be made; incorrect consumption entries can be reversed.
2) If there is only data entry error, you may make adjustment entries in the books by making entry of correct stock to match books with physical stock. Software usually takes care of adjustment of value of stock.
Case2:
1) Shortage of physical stock as compared to books can be due to duplicate purchase entries, missing consumption entries etc. which can be corrected.
2) If the reason for shortage cannot be identified, ITC too (on adjustment) needs to be reversed.
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