As 2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2011
fact:-
assessee is engaged in the trading books.
there is non move/slow moving items hold
at warehouse.
As per as-2 it should value at lower of cost & NRV
query:-
how to judge the net realiable value?
which are the source to determineNRV? OR
WHAT ARE THE PARAMETER to judge the NRV?
assessee is engaged in the trading books.
there is non move/slow moving items hold
at warehouse.
As per as-2 it should value at lower of cost & NRV
query:-
how to judge the net realiable value?
which are the source to determineNRV? OR
WHAT ARE THE PARAMETER to judge the NRV?
05 September 2011
as per AS2- Finished goods are to be shown at lower of NRV or cost
and Raw material shall be shown at Cost.
Thereis no mechanism given by AS2 with regard to calculation of NRV.
It is upon the assessee to determine the Net Realizable Value in the market of the underlying inventory but the policy should be followed consistently.
and Raw material shall be shown at Cost.
Thereis no mechanism given by AS2 with regard to calculation of NRV.
It is upon the assessee to determine the Net Realizable Value in the market of the underlying inventory but the policy should be followed consistently.
CA Pushpendra Gaur
(Expert)
03 October 2011
I agrees with the experts reply
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
