A Gst registered dealer stock difference adjustment procedure in f.y.21-22
case-1:
Closing stock as per books rs:25 lacs
Physical stock value in trade rs:28 lacs
case-2:
Closing stock as per books rs:28 lacs
physical stock value in trader rs:25 lacs
Question:
A Dealer above mentioned two cases difference stock adjustments in f.y. 21-22 and accounting entry passed procedure in books.
For deficit stock, write off the value in your books and reverse any related Input Tax Credit (ITC) where necessary. For excess stock, investigate the source (often an unrecorded purchase), record the entry in your books, and ensure it is reflected in your GST returns. Always maintain a documented "Stock Reconciliation Statement" to justify these adjustments to tax authorities.
Hema Yashwanth & Associates
Chennai
B.Com
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CCI
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CAclubindia
