Question
S, an entity had 500 units of product X at 30 June 2015.
The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. Recently, product X started to deteriorate but can still be sold for $24 per unit, provided some rectification work is undertaken at a cost of $3 per unit. What is the value of closing inventory at 30 June 2015.Solution
As per AS – 2, the inventories are to valued at cost or NRV, whichever is lower. Here, cost = 18 and NRV = 24-3=21. So, lower among the two is cost, i.e. 18*500 units.
Match the following Indian freedom fighters with their respective movements.
1. Bhagat Singha) Non-Cooperation Movement
2. Subhas Chandra ...
The Pledge Movement aimed to address which social issue?
Which one of the following pairs is not correctly matched?
Consider the following statements with reference to the Ghadar Party:
1. It was founded by expatriate Indians to overthrow British rule in Ind...
In which year did the Sepoy Mutiny, also referred to as the First War of Independence, take place? Â
Who announced the Partition of Bengal in 1905?
With reference to the Mountbatten Plan, consider the following statements.
1. Also known as the 3rd June plan.
2. Referendum for North Wes...
Who founded the East India Association?
Dara Shikoh was killed in conflict with his brother _______________.
In which year did the Battle of Buxar take place?