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please sir's can any one help me urgent
production was started in the month of feb,2010, but he is maintaining stock records from 1-04-2010. He is not having 100% purchases or sales bills,but having vat return for the momth of march,2010.
My query is
1.how much of stock he has to show on 1-04-2010 and how can we find out that?
2. Is it mandatory to maintain stock register manually if he qmaintains stock details in tally for weekly ?.
Thanks for ur's valuable reply in advance.
Replies (4)
If he hasn,t complete invoices of Purchase and sales he should obtain account confirmation from the parties in support of the transanction.He has to show stock after considering the VAT return in calculation of stock.yes it mandatory to prepare stck register whether electronically or manually.
You have a solutions of CA Final May 2010 - New Course - Accounts - Paper1.
Yes, Mr. jitender is right.
Monthly vat return does not contain quantity details. he does not occupy 100% purchase and sales bills.
you may approach to major or all vendors/suppliers and debtors for getting details from their end by way of confirmation or informally.
in worst condition If any details does not arrive and than better to reconcile current year stock position and may draw an opening figure that will appropriately cover the sales/manufacturing entries of next year without getting negative stock balance.
Daily stock register with quantitative details is mandatory for trading and manufacturing concerns.
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