query03

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officer

25 Points Posted on 12 June 2011

i came across a manufacturing tading and profit and loss statement

the trading account shows following account

opening stock, closing stock, purchases only

it fails to mention any direct expenses like frieght,wages,electricity or any other expenses directly related to manufacturing

and nor asre these expenses shown in profit and loss account

now is a CA liable?

Replies (2)

Chartered Accountant

245 Points Posted on 12 June 2011

these expenses are shown in Manufacturing Account and not in Trading account

Associate Manager

107 Points Posted on 13 June 2011

yes because there no no fair presentation of financial statement. The accounts are not drafted as per schedule 6 also.

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