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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.
Replies (4)
Quick Summary
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.
But Turnover is not high so cant maintain inventory.
Hitesh, how is this related to GST? Please do post queries in appropriate forums.
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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