AS - 7
This query is : Resolved
CA Rushabh Gandhi
(Querist)
17 April 2010
Can Sale of material to sub-contractor be disclosed as Sale of material or should it be adjusted against consumption of raw materials in the regular course of business?
17 April 2010
I think it sdhould be adjusted against consumption of raw materials in the regular course of business
CA. Ashish Bihani
(Expert)
17 April 2010
Agree with expert...
CA Rushabh Gandhi
(Querist)
17 April 2010
AS 7 mentions specifically excess material sold can be adjusted against consumption of material. Is it ok if regularly material is sold to sub-contractor and he bills to party alongwith his labour charges and cost of material.
CA Rushabh Gandhi
(Querist)
17 April 2010
AS 7 mentions specifically excess material sold can be adjusted against consumption of material. Is it ok if regularly material is sold to sub-contractor and he bills to party alongwith his labour charges and cost of material.
shakuntala chhangani
(Expert)
17 April 2010
Then how could it be excess materials? It will partake the characteristic of goods in which the co. regularly deals.
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