30 April 2012
In revised schedule VI, under changes in inventories we have to disclose Opening balance and closing balance.
What does changes in inventories means? If Closing balance is more than opening balance, how do we interpret this and represent this in the Statement of profit and loss??
19 May 2012
Net change in inventory to be grouped in Cost of Goods Sold / consumption. If there is decrease in inventory, it will increase the cost and increase in inventory will reduce the cost.
CAclubindia
