valuation of empties & containers as per AS2

As per AS 2 inventories are those items which are held for sale in ordinary course of business, in the process of production for such sale i.e. WIP or in the form of materials or supplies to be consumed in the production process.

As these are held for sale in the ordinary course of business they satisfy the definition of inventories as per AS 2. These should be shown as inventories in the balance sheet and valued at lower of cost or NRV as per AS 2.

cost or market value ; whichever is lower