AS 2 QUERY
This query is : Resolved
19 February 2011
In year 1 cost of inv. 10000 NRV Rs 9000
in year one value as per AS2 is rs 9000/-
now in year 2 (no sale) opening value of inventory is Rs 9000/- cost is Rs 10000 but NRV is 9500/-
now in books its value is Rs 9500/- (cost or nrv which ever is less)
but actually how it will be incorporated in books.
plz give your answer as per AS-2 & IAS 2.
in year one value as per AS2 is rs 9000/-
now in year 2 (no sale) opening value of inventory is Rs 9000/- cost is Rs 10000 but NRV is 9500/-
now in books its value is Rs 9500/- (cost or nrv which ever is less)
but actually how it will be incorporated in books.
plz give your answer as per AS-2 & IAS 2.
CMA Ramesh Krishnan
(Expert)
20 February 2011
It is need to adjust directly in the p&l account by passing the J.V p&l dr/cr and stock
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