Revised schedule vi
This query is : Resolved
Guest
Guest
(Querist)
11 February 2013
In FAQ of ICAI, stores and spares i.e. inventory is always current asset even if it is not to be consumed in normal operating cycle and not to be sold in 12 months from b/s date.
13 February 2013
It is because you never know when breakage may happen and the store will be consumed.
In other case, there may be such stores that are no longer usable and hence they need to be discared at somepoint and hence they anyways become held of sale inventory.
There can be no definite plan to use the particular store after 12 months unless there is any practical application of the same.
In other case, there may be such stores that are no longer usable and hence they need to be discared at somepoint and hence they anyways become held of sale inventory.
There can be no definite plan to use the particular store after 12 months unless there is any practical application of the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
