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Hitesh rawal   02 August 2021

Direct Expenses and Indirect

The work done is taking raw material packaging and selling in this purchase of sacks or bags are direct expenses for me in this case is it necesarry to show closing stock of packaging material or not as its direct expenses to me and 50 percent sacks are use and 50 percent would be used in next financial year.

 4 Replies

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     02 August 2021

Since you don't intend to use the entire quantity during the current FY, it is better to maintain inventory wise data for the same and debit consumption account as and when consumed.
Hitesh rawal

Hitesh rawal   02 August 2021

But Turnover is not high so cant maintain inventory.
CA Akshay Hiregange

CA Akshay Hiregange (Partner - Audit & Assistance)     02 August 2021

Hitesh, how is this related to GST? Please do post queries in appropriate forums.

Imthias ahamed Kormath

Imthias ahamed Kormath   02 August 2021

Which expenses as raw meterial value in purchase turnover along with all purchase items in trading and profit & loss a/c.

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