Treatment in books of accounts
This query is : Resolved
20 May 2013
Dear Members
A dealer engaged in fruits trading wishes to know how to account for fibre crates which are used for delivering the products to customers and are taken back empty from them.
Should they be treated as stock in trade or written off to profit and loss?
They can't be taken as FA since it is routing purchase for the said vendor.
A dealer engaged in fruits trading wishes to know how to account for fibre crates which are used for delivering the products to customers and are taken back empty from them.
Should they be treated as stock in trade or written off to profit and loss?
They can't be taken as FA since it is routing purchase for the said vendor.
Guest
Guest
(Expert)
21 May 2013
They can not be treated as Stock in Trade, as the vendor is in practice to take them back after delivery.
But they can be shown under consumables.
But they can be shown under consumables.
07 July 2013
Keep that under the head Packing Material in Stock and shall appear as stock after reduction in the value of damaged one.
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