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Valuation of gold in books of accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 September 2014 Sir/Madam,

i have a parternership firm registered, from this year i have started trading in gold(physically). so the valuation of gold can be on fifo basis of average method should be used for valuation of gold and for profit determining purpose.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 September 2014 use the method usually used by the firm to value closing stocks and investments

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