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STOCK PRESENTATION IN P&L AND NOTES OF ACCOUNTS

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(Querist)
18 June 2011 Plz tell me whether we show spare parts consumption while showing consumption of raw material in p&l accounts as per schedule vi.
and while preparing raw material wise stock chart for raw/packing material whether less than 10% value of stock is to be ignored.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 June 2011 Consumption of stores and spare parts has to be disclosed by way of additional information as per schedule V1.
Less than 10% items can be safely ignored.
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Kumar

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Kumar (Expert)
19 June 2011
Yes, Consumption of Stores and Spare parts needs to be shown as a separate line item as per Schedule VI.

and it is generally shown in the Material consumption schedule as a separate line item.
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