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.
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
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Grand in aid
- TAX AUDIT QUESTION
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
