Hi
Can we adjsut the revaluation of inventory loss against general provision for inventory? Istead of recoganzing in Income statement
1 Replies
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 02 August 2013
Dear shijil
As par accounting standard -2 issued by ICAI ,explain this the inventory is valued at cost or nrv (net realisable value) which ever is lower .......and the loss due to this adjustment autometically transfer in the finacial statements and as you have explained the above accounting treatment voilate the AS-2 , you can not adjust the inventory loss in any kind of provision
Recent Topics
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
Related Threads
CAclubindia
