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?
Aniket Kumar (99 Points)
06 June 2021
CA.S.Pradeep B.Com.,FCA.,
(CA in practice)
(105 Points)
Replied 06 June 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 07 June 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 June 2021
Yes go through as10 to classify spare parts inventory from expenses and their capitalisation criteria. Then do stock evaluation.
Aniket Kumar
(99 Points)
Replied 07 June 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 June 2021
Sure Mr. Aniket I have attached and here is the link : https://www.mca.gov.in/Ministry/pdf/AS.pdf
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
