A lot of spare parts are purchased by our firm but consumption entries are not taken.
Can physical stock verification process be used to identify closing stock at year-end?
Yes go through as10 to classify spare parts inventory from expenses and their capitalisation criteria. Then do stock evaluation.
Sure Mr. Aniket I have attached and here is the link : https://www.mca.gov.in/Ministry/pdf/AS.pdf
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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