Method of valution of closing stock
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2014
please clarify that last year the method of valuation of stock is adopted average cost price method as there is no tax audit provision has been attracted but in current year there is tax audit is applicable and now we have to change method of valuation to FIFO or we can adopt the average cost price
shall we adopt the FIFO method or average cost price method.
shall we adopt the FIFO method or average cost price method.
07 November 2014
You can adopt any method so far as ACCOUNTANCY is concerned. So far as income tax computation is concerned, use cost or realisable value which ever is lower.
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