Question

    ABC Ltd. reports two inventory items: Item A – Cost

    ₹10 lakh, NRV ₹12 lakh; Item B – Cost ₹8 lakh, NRV ₹6 lakh. How should inventory be valued as per Ind-AS 2?
    A ₹18 lakh Correct Answer Incorrect Answer
    B ₹20 lakh Correct Answer Incorrect Answer
    C ₹16 lakh Correct Answer Incorrect Answer
    D ₹14 lakh Correct Answer Incorrect Answer
    E ₹12 lakh Correct Answer Incorrect Answer

    Solution

    Item A = Cost; Item B = NRV; Total = 10 + 6 = ₹16 lakh

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