If we take a loan for purchasing of land which is consider as stock for sale?? How I treat with interest on this loan?? It will show In P&L or It will Captitalised??
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Loan for land which consider as stock
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It should be shown in Profit & Loss a\c...
As per AS 2 , finance cost should not be included in the Valuation of Inventories because finance cost does not help to bring the stock at its present location & condition
Hence this cost should be transferred into P&L A/c
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