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Regarding accounting treatment of recharge value
a mobile recharge shopkeeper received value amounting Rs 50000 from Reliance to recharge customer's mobile no. & he treated the above mentioned value as his purchase. if some amount is still left at the year end, can we treat that amount as closing stock.
Replies (2)
yes definitely it is ur stock which u r selling.
But its quantity can not be measured in units.....how will we justify it in tax Audit
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