Opening stock misstated
This query is : Resolved
21 September 2013
The closing stock in the previous year's Balance Sheet was misstated. Can it be rectified as a prior period item this year. If not, then how should the Opening Stock be dealt with in the current year's P/L Account?
22 September 2013
These are the ways
1) Valu the present year's stock on actual basis including the left out items
2) Show the valuation difference as previous years item
3) Put a note in the notes to the accounts
4) Let the valuation be done by an independent authority
1) Valu the present year's stock on actual basis including the left out items
2) Show the valuation difference as previous years item
3) Put a note in the notes to the accounts
4) Let the valuation be done by an independent authority
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