Hi,
In storeroom, stationery items are not issued on a FIFO or LIFO basis but on random selection basis. It is said that the stores ledger account is not by FIFO or LIFO method for this. An accountant takes stores ledger account by which method for these sationery items?
Thanks in advance.
FIFO, LIFO methods are used for valuaton purpose only...physically the items may not be issued as per the method but then also you can use any method for the valuation purpose.
so you can use any methodwhich is according to your company policy or whichever method you find more suitable.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
