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
3 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 22 March 2011
sorry the attachment is given below
Attached File : 10 valu.xls downloaded: 240 times
sharath chandra a
(CA FINAL student)
(45 Points)
Replied 22 March 2011
| 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... |
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 22 March 2011
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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