valuation of inventories

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2010 as per AS-2 whether Quantity discount received on purchase of raw material is deducted from cost of inventories or not.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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27 August 2010 Net cost will be acutual cost.

CMA Chandan Singh

CMA Chandan Singh (Expert)
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27 August 2010 AS per AS -2-The costs of purchase consist of the purchase price including duties
and taxes (other than those subsequently recoverable by the enterprise from
the taxing authorities), freight inwards and other expenditure directly
attributable to the acquisition. Trade discounts, rebates, duty drawbacks and
other similar items are deducted in determining the costs of purchase.

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