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
Menu
application 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In my opinion those arnaments should be shown as inventory because you sell them apoint of time when that design get outdated or much improvement for that design.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
Recent Topic
- INCOME TAX DEPARTMENT: DOUBLE STANDARDS
- ITR-4,under presumptive Taxation
- TDS data mismatch with SFT
- Resale of under construction Residential Flat part
- What would be my Salary
- Damage good
- INCOME TAX RETURN
- Form 10E doubt
- LTCG on property sale after 24jul2024
- Should we mention NET INCOME or GROSS INCOME in i
Related Topics
CAclubindia
