Conversion of stock in trade to fixed asst

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Practice
85 Points Posted on 25 January 2018

Hai All...

I have purchased certain goods for trading and claimed ITC while filing the KVAT Return in 2015-16. Now I wanted to convert those stock into assets. What are the accounting entries and what is the tax implcations?

 

Thanks in Advance.....

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On 25 January 2018 at 10:31 Report
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11111111111111
31 Points Posted on 31 January 2018
assest dr

purchases cr
itc cr
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On 31 January 2018 at 17:32

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