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Presentation of finished gods lost due to fire in rev sch vi


rao (CA Job)     25 September 2013

rao
CA Job 
 24 points

| My Other Post

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)

And

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?




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