2nd Question: It May be Relevant for May 2011 Exam

Wrong Stock valuation

Question: Spsmiter Pvt. Ltd. valued its stock for the current year ended 31^st March 2011 for Rs. 250 lacks. However, during the current year it finds that the stock sheets of 31^st March, 2010 had not included one pages containing details of inventory worth Rs. 27 lacks.

            How you will deal with the following matters in Financial Statement as per relevant AS for the year ended 31^st March 2011.

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