Balance sheet

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mukesh sharma (Querist)
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15 May 2012 Closing stock of Inventory includes 3-4 year balance. hoe to reprensant in Balnce sheet, in format of revised schd. VI.

Sanjay Chauhan (IFRS)

Sanjay Chauhan (IFRS) (Expert)
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15 May 2012 Old and Non moving items of inventory are to be written off. This was true even for old schedule VI.

In revise schedule VI if the items are old but still can be used, it will continue to remain in Inventory and grouped under respective nature of inventory such as Stores and Spares, loose tools or so..

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