Valuation of closing stock
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
I have to finalize accounts of a company.what is the procedure for valuation of stock?
I knw we have to valuate closing stock as on 31.03.10 (on cost or market price, whichever is less)but who will evaluate the market price? what will be the supporting documents for the same?
Pl. explain !
I knw we have to valuate closing stock as on 31.03.10 (on cost or market price, whichever is less)but who will evaluate the market price? what will be the supporting documents for the same?
Pl. explain !
05 July 2010
It is not a mareket price, it is net realisable value which means, selling price in the normal course of business less cost of making such sale. so identify the selling price in normal course of business
05 July 2010
Take the march bills of last week and take that price as market price the assessee gets (gross) that will be treated as market price.
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
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Loan by Partnership Firm
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
