Dear Friends One of my client is dealing in silver. ...........As the silver prices is increased gradually so due to this effect his profit has increased just due to accounting effect............. Accounting profit increased just due to increased in value of closing stock Can anyone help me how to tackle with this situation
regards jitesh
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Valuation of stock
Replies (4)
Account as per AS 30
why as per AS 30
notional profits are not accounted when he will sell it then it will be booked as per the principle of conservatism principle
Inventory has to be accounted as per cost or net realisation value whichever is lower.
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