suppose i was carrying on gold business in large scale I had purchesed some ornments and kept in showroom for the purpose that the customers can make orders by seeing those models they are not for sale in ordinary course of business their purpose only to make sales easily. how should i take in my books either as inventoy as per AS-2 or as per AS-10 give exact clarifications if possible along with para no's of AS
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application of AS
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| Originally posted by :kumar | ||
| " | suppose i was carrying on gold business in large scale I had purchesed some ornments and kept in showroom for the purpose that the customers can make orders by seeing those models they are not for sale in ordinary course of business their purpose only to make sales easily. how should i take in my books either as inventoy as per AS-2 or as per AS-10 give exact clarifications if possible along with para no's of AS | " |
In my opinion those arnaments should be shown as inventory because you sell them apoint of time when that design get outdated or much improvement for that design. eventhough you cannot sale you melt and mould them as another ornament and then sell. It is pure trade activity so AS-2 will be applicable
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