Closing stock
This query is : Resolved
10 August 2009
The closing stock is valued at NRV or cost w.e.l. In this situation the assesse has adopted the NRV since it is less than cost. How will he show the details of Loss on Revaluation in the Closing Stock Statement which he will certify and give to his auditor. I want to know how exactly the Closing stock Statement will be and how the details must be presented in it.
10 August 2009
only finished goods is determined at cost or NRV w.e.l.
its affect wil be considered in consumption as it will be higher becz of decrease in value of inventory.
its affect wil be considered in consumption as it will be higher becz of decrease in value of inventory.
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