20 August 2012
sir, as per the old schedules we used to show Closing WIP as P&L after other Income and next we show in BS at asset side.
but as per the revised schedules the Closing WIP where we need to show in the Statement of P&L ? ( as per my understanding this amount net is to be shown under the expenses .i.e Opening WIP minus closing WIP) could you please advise sir.
20 August 2012
In Statement of Profit & Loss- Separate line item as expense on the face of the statement- "Changes in inventories of finished goods, work in progress and stock in trade" Change in WIP shall be shown under this heading in the notes.
In Balance Sheet- Under "Current Assets" and in current assets under -"Inventories".
CAclubindia
