Inventory by Artist

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..... Inventory by Artist
Query (Issue) Started By: - Vikas Aggarwal Dated:- 6-11-2013 Last Reply Date:- 20-1-2015 Accounting - Auditing
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Companies Law
Dear Sir \ Madam, It is requ .....

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..... ested you to please give your valuable suggestion of following issues:- 1. An artist sale his painting work to art gallery on consignment basis, whether he is liable to maintain record for the same ( .....

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..... Means maintain stock is mandatory). If yes what is the valuation of stocks. 2. Income on sale of its art works by artist is professional income or business income, or they can liable to maintain sto .....

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..... cks. 3. The artist is follow receipt basis of accounting, treat as sale when amount realized from art gallery in this case how they can maintain its stock, is only consignment note is sufficient reco .....

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..... rd or not. Regards, CA Vikas aggarwal Reply By MARIAPPAN GOVINDARAJAN: The Reply: Dear Sir, Whether you have clarified in the said issue? If not please inform.
Discussion Forum - Knowledge Sh .....

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..... aring .....

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