Accounting standard-2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
my query is about valution loss booked while comparing cost or market value whichever is lower?
i have purchased 100 share of Rs 100000 and the market value as on 31/03/2010 is 90000.Therefore we recognized Rs 90000 as value of shares lying in stock in trade as on 31/03/2010 and booked Rs10000 as valuation loss. now as on 31-03-2011 the market value of same share downs to Rs 80000, my query is from which amount Rs 80000 is to be compare, whether 100000 or 90000 foe the valuation purpose as on 31/03/2011.And how much valuation loss should be booked as on 31/03/2011
i have purchased 100 share of Rs 100000 and the market value as on 31/03/2010 is 90000.Therefore we recognized Rs 90000 as value of shares lying in stock in trade as on 31/03/2010 and booked Rs10000 as valuation loss. now as on 31-03-2011 the market value of same share downs to Rs 80000, my query is from which amount Rs 80000 is to be compare, whether 100000 or 90000 foe the valuation purpose as on 31/03/2011.And how much valuation loss should be booked as on 31/03/2011
mahendra soni
(Expert)
22 August 2011
Accounting standard 2 is not applicable for shares held as stock in trade. AS 13 would be applicable.
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