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INVENTORIES

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(Querist)
15 August 2010 Q) WHICH OF THE FOLLOWING DO NOT CONSTITUTE INVENTORIES ?

a)stock for sale in ordinary business
b)stock for production
c)stock for services
d)stock for share trading


PLEASE !! GIVE ANSWER WITH EXAMPLE.
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Rahul Vora

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Rahul Vora (Expert)
17 August 2010 All of the above will constitute as inventories.
a. finished goods for sale
b. raw material for production
c. spares or consumables for services
d. shares held for share trading. shares held as investment will not constitute inventories but will be accounted as investments
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ABHISHEK

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ABHISHEK (Querist)
18 August 2010 PLEASE EXPLAIN "STOCK FOR SERVICES" ?
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Rahul Vora

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Rahul Vora (Expert)
19 August 2010 Stock for services can be catalogues that you have to be given to your prospective customers, stationery (usually banks have large quatity of stationery), sometimes CDs are made for circulation etc. It depends whether you want to expense out these items or show them in stock and expense out on consumption basis. If the quantity is very large, then it has to be taken in stock.
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