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Generating scrap

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 September 2011 To,

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whaterver scrap generating in manufacturing co., in stock statement which is tobe prepared for the whole year then where to show closing stock of that is to be showen in raw material side or semi-finished and whatever scrap generated during the year where it has to be showen?

Please given me your valuable advice.
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CA. Nitin Agrawal

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CA. Nitin Agrawal (Expert)
22 September 2011 Dear Anonymous

Scrap generated during the course of manufacturing is neither raw material nor finished goods. Its in nature of byproduct and to be shown separately under waste and Scrap category.


now cheers
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