application of AS

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

Replies (1)
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In my opinion those arnaments should be shown as inventory because you sell them apoint of time when that design get outdated or much improvement for that design.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
 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
12 November 2026
Tax Product Specialist

BharatX.ai

Gurgaon

B.Com

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
12 November 2026
Auditor

Oz Taxation

Vijayawada

Graduate (Any)

View Details
Company
14 November 2026
Manager - Indirect Tax (GST)

Westbridge Consulting LLP

New Delhi

CA

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details