Stock Valuation in case of Hotel Industry
This query is : Resolved
16 May 2011
Hello Friendz
Plz tell me the valuation method of closing stock to be followed in case of hotels
and what to include in closing stock means they will have raw material for preparation of food etc, liquor and many other things
Is there need to use different method of valuing different items??
Plz guide me in this respect
thx
Plz tell me the valuation method of closing stock to be followed in case of hotels
and what to include in closing stock means they will have raw material for preparation of food etc, liquor and many other things
Is there need to use different method of valuing different items??
Plz guide me in this respect
thx
17 May 2011
The stock is to be valued at cost price.
All kinds of stock available in the Main store, the kitchen, house keeping, maintenance can be physically taken and their value taken for closing stock.
In the kitchen the chef will be able to provide the list with the quantity of raw material with him. The Food & Bewerages manager can give the stock list for the stock with him. The House keeping deptt can give the stock of non issued housekeeping supplies with them and so is the case with maintenece deptt.
Of course, the list has to be checked with their stock report and the approval of the CEO has to be obtained for the shortages
All kinds of stock available in the Main store, the kitchen, house keeping, maintenance can be physically taken and their value taken for closing stock.
In the kitchen the chef will be able to provide the list with the quantity of raw material with him. The Food & Bewerages manager can give the stock list for the stock with him. The House keeping deptt can give the stock of non issued housekeeping supplies with them and so is the case with maintenece deptt.
Of course, the list has to be checked with their stock report and the approval of the CEO has to be obtained for the shortages
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- TDS ON CASH WITHDRAWALS...
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
