Hallow Friends,
Pl. tell the procedure and calucation formula for valuation for closing finished stock and work in progress.
thanks
Ram Kishan
vaibhav
(CA & CS)
(577 Points)
Replied 16 November 2008
As Per AS 2 issued by ICAI Closing Stock has to valued at FIFO or on Weighted average. LIFO is not recomended.
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14487 Points)
Replied 16 November 2008
Please see this link
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
