As per AS - 2, inventories shall be valued at the lower of cost and NRV

Exclusions from the cost of inventores:
(1) abnormal amount of wasted material, labour or other production cost,
(2) storaeg costs unless those costs are necessary in the production process to further the production stage,
(3) administration overhead that donot contribute for bringing the goods to the present condition and location; and
(4) selling and distribution costs;


What is "distribution cost" in the above clause ?

Sir i am an acoountant and doing part time hojb. I want to know abount maintaining books of accounts of various kinds of business and also want to learn aboubt proper account head , finalisation etc.

Sir i am an accountant.I want to know about maintaining the books of accounts properly eg accounts head , finalisation etc.

hello friendz
a co.just has incorporated,has no business
just purchased land,no employee etc.
there is no expense
so is it mandatory for co.to prepare its p/l a/c?
there is also one guidance note also

My company is engaged in construction of buildings. One of the construction contracts specifies that the building should be completed before 12.04.2008 and it is specifically stated in the contract that "time is the essence of the contract". The building could not be completed as yet and construction is expected to be completed within 6 months and there is no document with the company evidencing extension of time period.
The contract also contains a clause which gives right to the company to charge interest on late payments.

The issue is that whether the interest income is to be recognised even when the party can refuse to pay the contract amount on account of late complition?

Cash flow statement as per AS 3 means, is it only indirect method ???Some of my friends are arguing with me.

Whether Interest on income tax (234 B & C) should be included in provision for income tax in P&L a/c?
Is there ICAI Clarification?
Please make reference, if any?

I Need detail about Letter of Credit,(Procedures of open LC , requirement to open LC, Document required to open LC, payment, ETC )

Dear Sir,

i have appeard in CPT, result vl b announce upto 15 Jan.

I just want to know the best reference book for IT/COST/FM/ACCOUNTS ...

i just want to concentrate on study material and only a singal reference book for my practice...

suppose a co. has taken loan of $10000 at 10% interest p.a with exch.rate-$1=Rs40 on 1.1.09. exch.rate on 31.3.09-$1=Rs 45. Now what amount will be charged to P/L and what amount will be treated as borrowing cost.