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*while declaring unpaid stock to be deducted for calculation of drawing power,the assisted co.is not including Trade crs of the company in which the proprietor is also a proprietor of the co which has supplied goods on credit.The sole proprietor runs both the shops in the same name ,same trade(same proprietor) one registered(VAT) in Tamilnadu one @ Calcutta.The shop @ Kolkota is banking with another bank .The assisting Bank in chennai which has given WC facility has enquired that the Kolkota unit is having only Current account with the other Bank for the Kolkota shop.Profit from both the shops eachtreated as an individual entity(carrying the same namecommon proprietor as stated earlier)declared in the Return of Income .Is the liability to the other concern for goods supplied to be treated as unpaid stock deducted from stock for DP calculation? |
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CAclubindia
