Treatment in case of insurance spares

This query is : Resolved 

17 November 2008 Thanks sir.

Actually i have to audit a manufacturing (KSFL Urea manufacturing unit)concern in which insurance spares is purchased since 1982,so can the same rule b applied to that also cause that is amount of Rs.85lacs (Approx) and no one knows when we will install it.

17 November 2008 These are to be kept as inventory (current assets)...

Check for old items & which are not going to be useful in current scenario suchas old tyoes of nuts & bolts, etc...

18 November 2008 Im sorry i didn;t get it plz explain it




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