Inventory
This query is : Resolved
16 February 2013
Hi ,
If we have inventory of Rs.100 & its market value is Rs.80 thn what would be the entry at which cost .
& what should we do with the difference of both amount (Rs. 20).
Please help,
Thanks & regards
Priyanka
If we have inventory of Rs.100 & its market value is Rs.80 thn what would be the entry at which cost .
& what should we do with the difference of both amount (Rs. 20).
Please help,
Thanks & regards
Priyanka
kodiya mohammed asif
(Expert)
16 February 2013
As per principal of conservatism , it should be valued at cost or market value whichever is less.
There will be no entry for 20
There will be no entry for 20
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