Disclosure of Stock of Principal Supplier (RM) in Books of A/c ended on Mar-2021

[NISHANT SHAH]

Dear All Experts,

How to show stock (RM) lying of Principal Supplier for purpose of Job work given to Job worker in the books of Job Worker as on 31.03.2021. Job worker has to exclude such stock to arrive at his final profit for year ending as on 31.03.2021.

Please suggest how to report same in accounts?

AI Summary

Guidance Sought on Proper Accounting for Raw Materials Held by Job Worker as of March 31, 2021 A participant inquired about the proper accounting treatment for stock of raw materials (RM) from a principal supplier, which is held by a job worker for job work purposes as of March 31, 2021. The job worker needs to exclude this stock from their books to accurately determine their final profit for the fiscal year ending on that date. The inquiry seeks expert advice on how to appropriately report this stock in the job worker's accounts.