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ACCOUNTING STANDARD OCEAN

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3145 Points Posted on 08 August 2022
Dear Chartered Accountants,

Query 1: what is mean by net realisable value give some examples?

Query 2: why inventory are valued at lower of cost what is the reason while making preparing financial statement???
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On 08 August 2022 at 07:40 Report
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GST Practitioner & Accounts
15093 Points Posted on 08 August 2022
AS 2 - Valuation of Inventory

1) Net realisable Value is expected selling price less total production and selling Cost

2) Inventory valued at lower of cost because, to cope up with the situation , when inventory deteriorated or has become obsolete or some time market price decline.
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On 08 August 2022 at 11:26


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