19 September 2016
Hello, i am sushant ca final student , i have a query. i am doing audit of one of the e book seller company. they sell e book to customers they don't show inventory instead of they show it as capital asset WIP under fixed asset. Please tell me what its the correct discloser?
20 September 2016
is it e book library OR e book selling or both? In the case of e book library, showing it as capital WIP is justified but NOT for seller
20 September 2016
I knew your next query would be about valuation. That is the reason I already mentioned AS 2...which means Accounting Standard 2.....Do the valuation as per AS 2. The quantity which is the stock shall be shown as the closing stock