Hello Experts,
Need your Advice on one issue.
1. My dad was doing textile wholesale business(when company was not created). He used to Purchase from his personal Bank account money and sell it on credit(3months, 6months, one year)
2. Later He created LLC company on Nov-2011 last year. From Accounting Perspective, He did all Sales Invoices entries from Nov-2012 in Tally(for the Inventory which he purchased earliar from his personal money).
3. Now the problem i am facing is Inventory(Item wise) is negative in tally bcz the Items which he purchased before setting up company are not entered in system but sales invoices(Accounts Recieveables) entries are done to show Customers owe us money.
Please tell me the solution to solve this problem as I am getting negative inventory.
CAclubindia
