Study material, January, 2011 edition

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RTP/ Supplementary/Test Papers- Final New Course

Suggested Answers - Final New Course

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Originally posted by : RADHEKRISHNA0001
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Mr Suresh can u help me for the post I amde in this link please

Mr Suresh Help me in understanding What is meant by stock adjustment is it opening or closing and how it is done

give detailed explanation for this attachment too

Though this thread is not relevant to corporate law which u posted please do share answers here itself as it remains unanswered in the forum so far

Originally posted by : sivaram
	Mr Suresh Help me in understanding What is meant by stock adjustment is it opening or closing and how it is done give detailed explanation for this attachment too   Though this thread is not relevant to corporate law which u posted please do share answers here itself as it remains unanswered in the forum so far

tell me from which date co follow th LIFO method and if possible give me the source of the question.....

As i understand from the quetion is that from 2002 co opts for the LIFO method for valuation of stock

Generally, Valuation of stock under FIFO method results in Higher value of stock in comparision of LIFO, due to the reasion that The FIFO formula assumes that the items of inventory which were purchased or produced first are consumed or sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced. 

Further as per para 16 of AS 2 The cost of inventories, other than those dealt with in paragraph 14, should be assigned by using the first-in, first-out (FIFO), or weighted average cost formula.

However, in case of the adjustment made in quetion provided by you , the adjustment will be required in the current year i.e. 2002 since the co started LIFO method from that year and not in the year 2004.

Now as per para 23 of AS 5 :Any change in an accounting policy which has a material effect should be disclosed. Theimpact of, and the adjustments resulting from, such change, if material, should be shown in the financial statements of the period in which such change is made, to reflect the effect of such change. Where the effect of such change is not ascertainable, wholly or in part, the fact should be indicated. If a change is made in the accounting policies which has no material effect on the financial statements for the current period but which is reasonably expected to have a material effect in later periods, the fact of such change should be appropriately disclosed in the period in which the change is adopted.

AND if you give the quetion in compelete mode then i will try to clarify more (if possible).

Originally posted by : sivaram
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Originally posted by : Suresh_Smiter
	Originally posted by : sivaram Mr Suresh Help me in understanding What is meant by stock adjustment is it opening or closing and how it is done give detailed explanation for this attachment too   Though this thread is not relevant to corporate law which u posted please do share answers here itself as it remains unanswered in the forum so far   tell me from which date co follow th LIFO method and if possible give me the source of the question.....   As i understand from the quetion is that from 2002 co opts for the LIFO method for valuation of stock   Generally, Valuation of stock under FIFO method results in Higher value of stock in comparision of LIFO, due to the reasion that The FIFO formula assumes that the items of inventory which were purchased or produced first are consumed or sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced.  Further as per para 16 of AS 2 The cost of inventories, other than those dealt with in paragraph 14, should be assigned by using the first-in, first-out (FIFO), or weighted average cost formula. However, in case of the adjustment made in quetion provided by you , the adjustment will be required in the current year i.e. 2002 since the co started LIFO method from that year and not in the year 2004. Now as per para 23 of AS 5 :Any change in an accounting policy which has a material effect should be disclosed. Theimpact of, and the adjustments resulting from, such change, if material, should be shown in the financial statements of the period in which such change is made, to reflect the effect of such change. Where the effect of such change is not ascertainable, wholly or in part, the fact should be indicated. If a change is made in the accounting policies which has no material effect on the financial statements for the current period but which is reasonably expected to have a material effect in later periods, the fact of such change should be appropriately disclosed in the period in which the change is adopted.   AND if you give the quetion in compelete mode then i will try to clarify more (if possible).

 That Problem is from M.P.Vijaykumar on computation of Future maintenable profit I just wanted explanation how 136,110 and 88 is adjusted for stock value in profits thats the only adjustment i cant understand and thats the reason full problem is not shared

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hi

the attached company and other pdf documents are not opening

can u pls forward to my mail id:   sonia.exepro @ hotmail.com

please ... i need them

thanks

sonia

thanx for sharing the link..

Originally posted by : Viraj
	thanx for sharing the link..

More Welcome......!!!!!!!!!!!!

Originally posted by : Mukesh Rawal
	Thanks

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