Accounting standards
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2011
Hi experts
As per As-11 closing inventory should be valued at closing rate,but in case at what rate opening inventory should be taken either at opening rate or we to consider same value as we calculated in closing inentory?pls explain me how to value with reason
As per As-11 closing inventory should be valued at closing rate,but in case at what rate opening inventory should be taken either at opening rate or we to consider same value as we calculated in closing inentory?pls explain me how to value with reason
02 January 2011
As per AS 11 , inventory has to be valued as per fair value. Opening stock value = closing value of previous balancesheet.
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02 January 2011
The opening stock need not be revalued in view of the decisions in:-
1) CIT Vs Carborundum Universal Ltd (1984) 149 ITR 759(Mad).
2) CIT Vs Mopeds India Ltd (1988) 173 ITR 347 (AP).
1) CIT Vs Carborundum Universal Ltd (1984) 149 ITR 759(Mad).
2) CIT Vs Mopeds India Ltd (1988) 173 ITR 347 (AP).
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