rao (CA Job) 25 September 2013
During last financial year the company for which I am working met with a fire accident and all the stock laying in production floor ready for dispatch fully destroyed without any recovery .In the financial statement as per revised schedule vi we presented in following way.
Lost value of finished goods shown under exceptional item as an expenses To PL A\C.(In Separate NOTE)
In case of Changes in inventory Finished Goods for PL A\C (In Separate NOTE)
Opening stock 100
Less: Loss due to fire 50
Less: Closing stock 70
Changes in inventory (20)
Whether any other better or alternative presentation exists?
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more