Vluation of closing stock
This query is : Resolved
06 December 2012
pls tell me is closing stock is compose of all tax elements ?. means stock is inclusive of taxes ( vat ) or exclusive of tax?
Hari Beldona
(Expert)
06 December 2012
Closing stock is to be valued at cost or realizable value which ever is lower.
Stock means inclusive of taxes
Stock means inclusive of taxes
Message likes :
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07 December 2012
thank you sir but if iam a registered dealer take the input of taxes now also it is inclusive of taxes?
Hari Beldona
(Expert)
07 December 2012
What is cost incurred is to be taken into account.
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