1.Cost of materials consumed.
2.Purchases of Stock-in-Trade.
3.Changes in inventories of finished
While preparing profit and loss statement under sechdule 3 why we are showing purchasers and cost of materials consumed ?
Is it double the cost?
I am unable to understand please explain
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Why we are showing purchasers and cost of consumed materials, is it double the cost?
Replies (1)
No these are two seprate purchases.
Purchase of Stock in trade means purchase of finished goods
and
Cos of material consumed means: Opening Stock of Raw Material + Purchase of Raw Material - Closing stock of raw material.
So if someone is manufacturer as well as trader, he will take both purchases.
Purchase of Stock in trade means purchase of finished goods
and
Cos of material consumed means: Opening Stock of Raw Material + Purchase of Raw Material - Closing stock of raw material.
So if someone is manufacturer as well as trader, he will take both purchases.
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