How will we value closing stock of by product? when we are valuing closing stock of finished goods @ cost
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 April 2021
The valuation of closing stock of by products shall be calculated after deducting the joint cost expenses.
And it should be valued at cost or nrv whichever is lower.
And it should be valued at cost or nrv whichever is lower.
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 14 April 2021
What if I am unable to bifurcate my costs between finished product and by product?how should i deduct costs from by product?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 April 2021
Cost should be allocated as per production units
Ankit Neema
(2742 Points)
Replied 15 April 2021
Https://www.accountingtools.com/articles/2017/5/14/by-product-costing-and-joint-product-costing
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