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what are the reasons for the differnce in closing stock
value before and after stock taking? ( value after stock
taking is showing 2 lakhs higher)
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Answer Posted / abhivirthi tax and industrial
Normally at the time of stock verification purchase value of items were considered and taken as closing stock. At the time of sale of such items the rate may differ either higher or lower according to market fluctuation. At present value of stock items were increasing in most of the items except few at the time of sale. That is the main reason between closing stock value before and after stock taking.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
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