16 May 2011
Hello Friendz Plz tell me the valuation method of closing stock to be followed in case of hotels and what to include in closing stock means they will have raw material for preparation of food etc, liquor and many other things Is there need to use different method of valuing different items?? Plz guide me in this respect thx
17 May 2011
The stock is to be valued at cost price. All kinds of stock available in the Main store, the kitchen, house keeping, maintenance can be physically taken and their value taken for closing stock.
In the kitchen the chef will be able to provide the list with the quantity of raw material with him. The Food & Bewerages manager can give the stock list for the stock with him. The House keeping deptt can give the stock of non issued housekeeping supplies with them and so is the case with maintenece deptt. Of course, the list has to be checked with their stock report and the approval of the CEO has to be obtained for the shortages
CAclubindia
