Stock - in transit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2013 HI,

I SOLD MY PRODUCT ON CIF BASIS. BUT BY 31st MARCH-13 IT WAS IN TRANSIT.

SO NOW I NEED TO SHOW THIS ITEM AS A STOCK-IN-TRANSIT.
1. AM I NEED TO VALUE THIS INVENTORY INCLUDING INSURANCE, FREIGHT AND CUSTOMS DUTY.
OR
2. AM I NEED TO SHOW INSURANCE, FREIGHT AND CUSTOMS DUTY AS A EXPENDITURE IN 2012-13 AND VALUE INVENTORY AT COST.

PLEASE CLARIFY THE SAME.

REGARDS
K.M.B

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 September 2013 it must be valued as per AS-2.
it will include insurance,freight and custom duty only if duty is non refundable tax.

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