Stock valuation
This query is : Resolved
Ashutosh Kumar Jha
(Querist)
07 August 2013
Dear Sir,
In Income Tax Act, stock is to be valued at cost price or market value whichever is less but in "Tally" stock is valued at average cost by default, so how can I value the closing stock in "Tally" as per the IT Act-1961.Please help me.
With Thanks & Regards
Ashutosh Kumar Jha
9534140352
In Income Tax Act, stock is to be valued at cost price or market value whichever is less but in "Tally" stock is valued at average cost by default, so how can I value the closing stock in "Tally" as per the IT Act-1961.Please help me.
With Thanks & Regards
Ashutosh Kumar Jha
9534140352
08 August 2013
Press F7 to convert it into FIFO.
Message likes :
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Ashutosh Kumar Jha
(Querist)
08 August 2013
First of all thanks for your reply sir.
Now, if market price get reduced below the cost then how can we valued the closing stock in tally and further after changing the valuation method into FIFO when I close the tally then on reopening the value get remain unchanged i.e. by default .
with Thanks & Regards
Ashutosh Kumar Jha
9534140352
Now, if market price get reduced below the cost then how can we valued the closing stock in tally and further after changing the valuation method into FIFO when I close the tally then on reopening the value get remain unchanged i.e. by default .
with Thanks & Regards
Ashutosh Kumar Jha
9534140352
09 August 2013
In that case;
at the CLOSING PRICE
you have to pass
STOCK JOURNAL
to bring down the cost
to carry it for next year..
at the CLOSING PRICE
you have to pass
STOCK JOURNAL
to bring down the cost
to carry it for next year..
Ashutosh Kumar Jha
(Querist)
09 August 2013
Thank you Sir for your valuable reply.
Further if cost price is Rs. 100000/- and Market price is Rs. 95000/-, then in this case please show me the stock journal entry to be passed for this transaction..
With Thanks & Regards
Ashutosh Kr Jha
Further if cost price is Rs. 100000/- and Market price is Rs. 95000/-, then in this case please show me the stock journal entry to be passed for this transaction..
With Thanks & Regards
Ashutosh Kr Jha
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