A Closing Stock in Real Estate is purchased for 2 cr now 3 years happened the site has not started due to dispute of partner ....Can we take debit note or issue credit note ...And the payment is not done to Creditors...Stock includes Steel and Cement???
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Closing Stock111
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Quick Summary
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Check ITC Reversal: Ensure you have reversed the old ITC + Interest for the 180-day non-payment rule.
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Return Goods: Issue a Tax Invoice to the supplier (Treat as a sale).
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Settle Accounts: Net off the amount payable against the new invoice amount.
Thanks for sharing this post about Closing Stock in real estate. I found the details about the 3-year delay and partner dispute very interesting. It's helpful to see how this affects accounting with steel and cement inventory. https://sora2aivideo.io
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