stock valuation

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deepika (Querist)
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29 June 2011 the co is dealing in trade of hardwares and softwares maintaining accounts in tally..they take the stock as per tally..but i think it is not rite as stk inwards also include sales return..so the value of stk will not satisfy the provision of as 2..plz tell me is it ok to take the value of stk as per tally..

CA Chandresh Agrawal

CA Chandresh Agrawal (Expert)
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30 June 2011 You r right.. they r wrong in taking value of closing stock because sales return contain high rate compare to cost so it will infalate closing stock valuation

deepika

deepika (Querist)
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01 July 2011 thanks sir....i ll point it out in my audit observations...

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