Valuation of waste / scrap in closing stock.
This query is : Resolved
16 April 2019
In our industry we are producing fertilizers and during the process a waste of carbon slurry generated. This waste has some market value but not having any cost of production.
Kindly advice whether the same is to be shown in closing stock of the industry while working out the profitability at the end of financial year. It has small and fluctuating market value only.
Regards
Kindly advice whether the same is to be shown in closing stock of the industry while working out the profitability at the end of financial year. It has small and fluctuating market value only.
Regards
19 April 2019
You are following the mercantile method, so you need to show the closing stock of the Scrap. It is just like as a byproduct. You need to value it n a reasonable cost by crediting the manufacturing cost.
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....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Suggestions required for income tax filing-software (FY 2025-26)
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
