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.
Message likes :
2 times
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).
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Is any professional CA is here please reply
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Putting a heading on received mail
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
