Inventories are assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale;or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.
Does packing materials such as LDPE and HDPE covers should we maintain inventory details and shown as closing stock?
18 July 2023
if in that case. how to record purchase entry of packing material is it expenses or purchases? if packing material purchases we are not selling that. if it is expenses do we maintain stock of expenses. thread, seal, ink, tapes it is also used for packing purposes hence do we need to maintain these inventory details and show in the Balance sheet
19 July 2023
Sorry sir i m troubling much you have not shared your views on this
if in that case. how to record purchase entry of packing material is it expenses or purchases? if packing material purchases we are not selling that. if it is expenses do we maintain stock of expenses?
CAclubindia
