Where can i show sales and closing stock in income and expenditure account of a non trading org.
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Sales& closing stock in income and expenditure account
Replies (8)
this is really confusing. you are saying it is a non trading org. but it is still engaged in activities of sales and purchase. this is obviously a trading activity.
show sales on income side and cost of goods sold on expenditure side. cost of goods sold = op. stock + purchase - cl. stock
Agree with Sri.Tribhuvan.
My question is not like that.If a NGO have some production activity,how it will be reflected in income and expenditure Account .
i already gave reply to your query. see my second reply.
Income and Ex account is accrual. So, you can show there.
If NGO has production activity then the postings will be made in manufacturing nad sales account not under income and expenditure account as income and expenditure account is for non trading activities only not for production (manufacturing) or trading activities. So prepare manufacturing and sales account not income and expenditure account.
Will closing stock come in income a/c?
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