My client is manufacturing a liquor and he is giving some gift articals ( eg; bags , watches, gold coins )to the retalers ans suppliers for sales promotions.
but these items cost they are treating as a expenses . they are not treating as a Stock.
24 July 2012
its not a inventory its an expense value of item is of no relevance (high Value)
Because As per AS-2 Following Items are considered as Inventory (stock): 1. Raw Material – the items which are used for manufacturing Finished goods and it also includes packing Materials & other Such Items 2. Finished Goods 3. Semi-Finished Goods
CAclubindia
