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valuation of breakage & expired goods.

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(Querist)
10 April 2009 Sir,

Pls expalin me how we calculate the value of breakage & expiry goods is it LIFO or FIFO.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
10 April 2009 When you are calculating the breakage or expiry the lifo or fifo system will not be followed. You have physically verify the stock and compare whether the item is expired or breakages are there. If the item is expires then the value is nil and if the item are broken or breakages are there salavage value has to be considered.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
10 April 2009 i agree with the expert
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