AS 2 Valuation of Inventories
This query is : Resolved
15 July 2023
Hi,
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?
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?
15 July 2023
Yes, you should maintain inventory details and shown as closing stock
17 July 2023
When we are not selling packing material how can we shown under purchases and maintain stock?
17 July 2023
It's a material consumed in the production process you have to maintain 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
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
18 July 2023
Such minor items treat it as expenses.
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?
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?
19 July 2023
It's purchase of packing materials.
It's expenses no need to maintain stock.
It's expenses no need to maintain stock.
21 July 2023
Still not clear, when we are not selling (covers) should we shown as purcashe or expenses?
21 July 2023
It's only purchase of packing materials for which ITC can be claimed.
It's direct production consumables.
It's direct production consumables.
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