why we exclude amount of previous year ? for example : Ascertain the amount of stationery debited to Income and expernditure for 31st dec 05
1) creditors for stationery on 1-1-05
2) stock of stationery on 31st dec 05
we exclude / deduct stock of stationery coz this amount for future ?...is it so
it simple dude.............v hv to debit only consumed part of stationery n the payment made during the year includes payment made to creditors who had supplied goods in last year dat y v deduct it........as far stock concern stock at the end is not used during the year.....so it shuld be deducted..
CAclubindia
