Treatment of inventory
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2015
A manufacturer is engaged in production of cement and he uses that cement to construct his own capital asset(building), what would be the entire accounting treatment??
31 March 2015
this is captive consumption.
inventory shall be reduced with cost+10% value and this to be capitalized, if building is new, if usage in repair then entry to be made accordingly.
inventory shall be reduced with cost+10% value and this to be capitalized, if building is new, if usage in repair then entry to be made accordingly.
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