Regarding income tax

[Rajeev Khulbe]

Good evening sir

Very urgent query I an hare again to get your valuable answer.We have purchased a proprietor firm 1.30 Cr with all assets & liability and we carry forward all assets & liability in my books but we don't understand how show the stock in books and we have 11 cr stock now my query is if I show stock through purchase so came loss in my books pl reply which is the way to book stock and don't book loss

AI Summary

Guidance Needed on Proper Stock Valuation in Accounting to Avoid Loss After Purchasing Business Assets & Liabilities An individual seeks advice on handling stock valuation in accounting after purchasing a proprietorship for 1.30 crore, including all assets and liabilities. The individual is uncertain about how to reflect 11 crore worth of stock in their books without incurring a loss if recorded as a purchase. They are requesting guidance on the appropriate method to book the stock to avoid showing a loss in their financial records.