Icds and inventory valuation
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2017
One of my client who has to get his accounts audited, he valued stock at Rs.1800/- instead of Rs.1400/- per bag and thereby he has shown a profit of Rs.3.90 lakhs. Now i told him that he could not value the stock at higher than cost
and he can value the stock lower of cost and net realiasable value.If we value at 1400/- per bag ,the net result will be
loss around 3.00 lakhs.
He is asking me to value at Rs.1800/- per bag but i am objecting to his proposal.
can we value at Rs.1800/- per bag and is it correct.kindly advise.
and he can value the stock lower of cost and net realiasable value.If we value at 1400/- per bag ,the net result will be
loss around 3.00 lakhs.
He is asking me to value at Rs.1800/- per bag but i am objecting to his proposal.
can we value at Rs.1800/- per bag and is it correct.kindly advise.
14 October 2017
As per ICDS stock to be valued at Cost ir NRV whichever is lower.
In you case it to be valued at 1400.
Stock never can be valued above cost
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2017
Thank you Ashwini Ballodia
14 October 2017
Most Welcome
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