Silver Models appreciation
This query is : Open
24 September 2010
Dear Sirs & Friends,
I am into jewllery mfg company. We have some Silver Models by which we make Diamond Jewellery. Now there is an appreciation in the rupee value of the same stock as per silver rates & dollar rates on 31.03.2010. We show these Silver Models under Current Assets. My question is if i appreciate the value in which ledger should i give the second effect ie the income part of it should be credited to which account in P & L. Please help me in the same.
I am into jewllery mfg company. We have some Silver Models by which we make Diamond Jewellery. Now there is an appreciation in the rupee value of the same stock as per silver rates & dollar rates on 31.03.2010. We show these Silver Models under Current Assets. My question is if i appreciate the value in which ledger should i give the second effect ie the income part of it should be credited to which account in P & L. Please help me in the same.
24 September 2010
Silver models is inventory for your business. As per AS 11, Non-moentary items are to be shown as per historical cost.
Inventory is to be valued on cost basis.
As per my understanding , it can't be revalued due to increase in Exchange rates.
Inventory is to be valued on cost basis.
As per my understanding , it can't be revalued due to increase in Exchange rates.
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