can any one explain in detail what is this stock adjustment is all about and how the value is arrived with addition/deduction to Net Profit
Please explain to a layman like me in detail
Thanks in advance
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Final Students please help
Replies (3)
sorry the attachment is given below
| If u basically know about AS-1 – it would be beeter. |
| CONSISTENCY is one of the FUNDAMENTAL ACCOUNTING ASSUMPTIONS. |
| When there is a change in the method of valuation, the same needs to be quantified & the efffect on Profit/Loss needs to be stated as per AS – 1. |
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| The file states the material effect on profit due to change in valuation method. -- FIFO to LIFO,LIFO to FIFO ..to Weighted avg... |
Mr Sarath chandra
can u explain how this amount is arrived Addition /Deduction and the dr/cr in FIFO/LIFO means what ?
please explain
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