As-2
Querist :
Anonymous
(Querist) 23 January 2012
This query is : Resolved
Someone please answer my Query related to AS 2. This is the second time I am posting the same query.......
How is defective inventory valued at the year end if we expect remedial work expense to make the goods in saleable condition in the next year?How to treat the expected remedial work expense in the curent year?
Can we take remedial expenses as cost of completion of goods to ascertain NRV Or Is there any other treatment for remedial work expense which is being expected to be incurred in the next year?
FOR FURTHER INFORMATION SEE THE QUESTION BELOW..........
The closing inventory at cost of a company amounted to Rs. 284700.The following items were included at cost in the total.
a) 400 coats, which had cost Rs. 80 each and normally sold for Rs. 150 each. Owing to defect in manufacture, they were all sold after the balance sheet date at 50% of their normal price.Selling expenses amounted to 5% of proceeds.
b) 800 skirts, which had cost Rs. 20 each.These too were found to be defective. Remedial work in April cost Rs. 5 per skirt, and selling expenses for the batch totaled Rs. 800. They were sold for Rs. 28 each. What should be the inventory value according to AS 2 after considering the above items.
Shonee Kapoor
(Expert) 23 January 2012
I think you should engage a CA/ Cost Accountant to guide you through for all paperwork.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 23 January 2012
You can also visit www.caclubindia.com for the proper satisfaction of your query.
M/s. Y-not legal services
(Expert) 23 January 2012
as-2 mean?
dear experts i think this author making as fool., include this query just see the past three queries..
under section 143..
LIP fees?
as-2?
i feel something wrong here..
M/s. Y-not legal services
(Expert) 23 January 2012
if my sixth sense is correct mean you have to appear before a psychiatrist..
i feel very sorry for you. dont worry., very soon i will become a doctor., and i will try to cure you..
-tom-
R.Ramachandran
(Expert) 24 January 2012
Dear Mr. Tom,
AS-2 means - Accounting Standard-2 as prescribed by Institute of Chartered Accountants of India.
The author is not trying to fool anybody, rather he is trying to get answer to his genuine problem.
As already advised by other experts here, it would be advisable for him to approach the Caclubofindia.com
M/s. Y-not legal services
(Expert) 24 January 2012
continuously 3 queries posted by anonymous.,
sec143., lip fee? as-2? so i feel uncomfortable sir.. thats it ram sir..
-tom-
