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Sir in point 5 the unsold stock of 30% is deducted from inventory why? In this question we are consignee then how we will add unsold stock on consignment to our inventory?

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Sri kanaga Varshini

Sri kanaga Varshini

CA Inter

2K+

06-Nov-20 21:33

44

Answers (9)

It will be physically present with the trader. So while stock take, it would also be added.


Suraj Lakhotia

Suraj Lakhotia

Admin

07-Nov-20 11:27

Suraj Lakhotia Admin

It will be physically present with the trader. So while stock take, it would also be added.

Sir while doing stock taking we will do it on basis of ownership of goods or physically?


Sri kanaga Varshini

Sri kanaga Varshini

CA Inter

2K+

07-Nov-20 12:58

Sri kanaga Varshini

Sir while doing stock taking we will do it on basis of ownership of goods or physically?

We do it on what is physically present - We ask specifically if all the goods belong to auditee only - once we are aware of ownership, we shall count goods belonging to auditee


Sriram Somayajula

Sriram Somayajula

Admin

07-Nov-20 13:03

Sriram Somayajula Admin

We do it on what is physically present - We ask specifically if all the goods belong to auditee only - once we are aware of ownership, we shall count goods belonging to auditee

Sir if we have to stoke take the goods physically present on 31 march 2020, only 80%of the goods are there on 31/3/20 why do we take 30 % off?


Akshita  Prava

Akshita Prava

CA Foundation

35

09-Nov-20 08:35

Akshita Prava

Sir if we have to stoke take the goods physically present on 31 march 2020, only 80%of the goods are there on 31/3/20 why do we take 30 % off?

Where have we taken 30% off? please elaborate is it in this question or some other question


Sriram Somayajula

Sriram Somayajula

Admin

09-Nov-20 08:39

Akshita Prava

Sir in point (v)

30% is still in stock after 15th April. What is your exact doubt?


Suraj Lakhotia

Suraj Lakhotia

Admin

10-Nov-20 15:55

Suraj Lakhotia Admin

30% is still in stock after 15th April. What is your exact doubt?

Sir, my doubt is how much value should we take in the stock taking?


Akshita  Prava

Akshita Prava

CA Foundation

35

10-Nov-20 16:11

It is done at cost.


Suraj Lakhotia

Suraj Lakhotia

Admin

10-Nov-20 16:18

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