AS-2
This query is : Resolved
05 September 2010
Hi
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
05 September 2010
In case the sales is booked, the inventory sold can be shown as goods in transit.
Message likes :
1 times
05 September 2010
As per AS-9 you can recognise sales only if risk and rewards related to good transfer to the other party. If risk is transfered to the buyer in March than u can't include the good in your closing stock as per AS-2.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
