Hi,
I am doing audit for commodities transactions in which delivery has not been taken. Should I show total of sales and purchases of commodities in P&L account or gross profits as sales and gross losses as purchases?
Thanks
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Tax audit
Replies (2)
Sale and purchase in p&l. Justification - commodity derivative is not speculative income as per relevant guidance note and explanations
net of sales and purchases has to be taken for turnover purposes. purchase or sale where actual delivery has not been taken is speculative business
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