A lot of spare parts are purchased by our firm but consumption entries are not taken.
Can physical stock verification process be used to identify closing stock at year-end?
6 Replies
CA.S.Pradeep B.Com.,FCA.,
(CA in practice)
(105 Points)
Replied 06 June 2021
Yes ,but during such time issues shall not be made to production from stores .
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 07 June 2021
Yes physical stock verification can be taken for proper analysis of closing stock and you should make entries
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 June 2021
Yes go through as10 to classify spare parts inventory from expenses and their capitalisation criteria. Then do stock evaluation.
Aniket Kumar
(99 Points)
Replied 07 June 2021
Hey Yasaswi, can you please share a reference document for the same?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 June 2021
Sure Mr. Aniket I have attached and here is the link : https://www.mca.gov.in/Ministry/pdf/AS.pdf
Attached File : 2750458 20210607200206 as10 16012018.pdf downloaded: 94 times
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