Under valuation of opening stock
This query is : Resolved
20 December 2014
Dear sir,
I Can Know the Reasons for Under valuation of Opening stock
Last year 2012-13 Closing Stock 50 Lakhs in 2013-14 Opening stock was 46 Lakhs
when i was Valuating Closing stock there was a stock was Received from an Vendor 4 Lakhs for Which we have Not Received a Purchase Bill in March Last week of supply by the Vendor but it was Recived in First WEEK OF aPRIL 2013
actual Purchase was 24 Lakhs + 4 Laks ( Last year Material Purchase)
Total Purchases in 2013-14 Was 28 Lakhs
So Opening Stock was 46
Need UR opinion Whether it was Rectified
Dear sir,
I Can Know the Reasons for Under valuation of Opening stock
Last year 2012-13 Closing Stock 50 Lakhs in 2013-14 Opening stock was 46 Lakhs
when i was Valuating Closing stock there was a stock was Received from an Vendor 4 Lakhs for Which we have Not Received a Purchase Bill in March Last week of supply by the Vendor but it was Recived in First WEEK OF aPRIL 2013
actual Purchase was 24 Lakhs + 4 Laks ( Last year Material Purchase)
Total Purchases in 2013-14 Was 28 Lakhs
So Opening Stock was 46
Need UR opinion Whether it was Rectified
Rupesh Jain
(Expert)
20 December 2014
you have to pass the rectification entry in current year books.
20 December 2014
How to Pass Rectification entry
Rupesh Jain
(Expert)
20 December 2014
you have to reduce the purchases and increase the stock.
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