TDS u/s 194 Q

The limit of Rs. 50 lakhs for each financial year have to be taken for the purchase of goods.

@ Honourable Dhirajlal sir please,

Jain enterprises is a leading distributor of petrol,detail inventory of petrol in hand taken when the books are closed at the end of each month for the end month of June 21 the following information:

1. sales for the month of June 2021 was rupees 30 lakhs 40 thousand

2. general overheads cost ruppes 4 lakhs

3. inventory and beginning 10 thousand litres @ 92 per litre,June 30 2021,10 thousand litres @ 95 per litre

4. closing inventory 13 thousand litres..

compute the following by fifo method

1. valuation of inventory on 30th June 21
2. amount of cost of good sold for June 21
3.profit / loss for the month of june 2021...

please explain this problem with explanation sir kindly

1. What is the purchase figure during the month?

2. There seems to be error in month end inventory. Whether it is 13 K liter or 10 K liter?

@ Honourable Dhirajlal sir,Here clear view

1.) sales for the month of June 2021 was Rs Thirty lakh fourty thousand.

2.) general overheads cost Rs four lakh

3.) inventory at beginning 10 thousand litres @ 92 per litre.

4.) purchases_Jun 1 2021,twenty thousand litres @ 90 per litre, Jun 30 202,ten thousand litres @ 95 per litre.

5.) closing inventory 13 thousand litres...

we are required to compute the following by FIFO method as per AS 2


please explain me this problem sir with workings

1. Rs. 12,20,000/-

2. Rs. 24,50,000/-

3. Rs. 1,90,000/-

@ Humble request Dhirajlal sir,could you please give workings also for deep clarification ..plse sir

Any manufacturing or trading business that has inventory or stock must follow the accounting principles for the valuation of a stock.

• Opening Stock – Value of the closing stock of the previous year
• Purchases – Sum of the purchase value and direct expenses incurred during the financial year
• Sales – Sum of sales value during the financial year
• Closing Stock – Value of closing inventory should be lower of cost or market value
• Gross Profit = Opening Stock + Purchases – Sales – Closing Stock

The business should calculate the net profit by deducting other expenses from gross profit.

Here take it as for June month.

Calculate each value as per your understanding...

@ Dear Dhirajlal sir, I am too confusing could you please give me a solution working, yours sincerely sanjay

Spoon feeding will not help you.... Unless you work yourself you will not learn. If you do mistake I will rectify it, but try..

What is value of opening stock?

Sales clearly Rs. 30,40,000/- similarly overhead cost Rs. 4,00,000/-

What is the value of purchase during month?

Ok I will try sir 👍... please I will do