INVENTORY GAIN OR INVENTORY LOSS
This query is : Resolved
21 January 2020
HI,
PLEASE LET ME KNOW IF THERE IS AN INVENTORY LOSS DUE TO OBSOLETE STOCK,EXPIRY OF AN ITEM,FOC ITEM ETC , THE SAME SHOULD BE ADDED TO THE COST OF SALE AND DEDUCT FROM COST OF SALE IN CASE OF INVENTORY GAIN. PLEASE DO CONFIRM
PLEASE LET ME KNOW IF THERE IS AN INVENTORY LOSS DUE TO OBSOLETE STOCK,EXPIRY OF AN ITEM,FOC ITEM ETC , THE SAME SHOULD BE ADDED TO THE COST OF SALE AND DEDUCT FROM COST OF SALE IN CASE OF INVENTORY GAIN. PLEASE DO CONFIRM
Amol S Joglekar
(Expert)
22 January 2020
The 31st March inventory is valued at Cost or Market whichever is Lower. This takes care of your query.
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