9911796707
TMI BlogNon - Maintenance of Stock Register by RetailorX X X X Extracts X X X X X X X X Extracts X X X X ..... Non - Maintenance of Stock Register by Retailor X X X X Extracts X X X X X X X X Extracts X X X X ..... e quantitative details of the same . The assessee is the retailor and dealing in electrical and consumable goods ranging from Rs. 1 to Rs .5,000 /- and running a retail counter and its not possible to maintain the stock register for the assessee also . Assessee does valuation of its closing stock as on the last day of the financial year by taking physical inventory and convert the same into closin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g stock for the balance sheet purpose and value each item by multipling the quantity with its purchase price after deducting discount and vat . The officer wants to add the opening stock as income only on the ground that the auditor had made qualifiy the report and silent regarding closing stock . Whether the officer can do so even after giving the list of physical inventory taken alongwith purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase invoices for valuation purpose already submitted with the department ?
I will be highly oblidge for the reply or suggestion .
Thanks
Regards
BAL KRISHAN GARG
Reply By prasenjit roy:
The Reply:
Please Note that as per AS 2 on Inventory valuation, Valuation of closing stock is done on Retail method in case of Retailer. If you read As 2, I think your problem will be sold. X X X X Extracts X X X X X X X X Extracts X X X X ..... um - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
