Question
A retailer holds seasonal fashion inventory purchased at
₹20 lakh. At year-end, expected selling price is ₹25 lakh, but estimated selling costs are ₹7 lakh because of heavy discounting and promotional spend required. The inventory has not yet been marked down. What is the correct carrying amount?Solution
Inventories are measured at the lower of cost and NRV. Here cost = ₹20 lakh, NRV = 25 – 7 = ₹18 lakh. Carrying value = ₹18 lakh since NRV is lower.
What is the total budget allocation for the One Nation One Subscription (ONOS) scheme aimed at providing academic resources?
A coastal area was flooded with sea water and resulted in heavy salt deposits in the nearby area. After a few days, it was observed that many plants die...
For cases of detection of Counterfeit Notes of five (05) or more pieces in a single transaction, the Counterfeit Notes shall be forwarded immediately by...
The proportion of the population below the poverty line is called the poverty ratio or __________.
Which list correctly names five Indian states / UTs that together had the highest shares of FDI inflows in FY 2024–25?
Which of the following countries is not a part of G 20 grouping of countries?
DLS Method is sometimes seen in the news . What does the “ S ” stand for in DLS?
Based on current scientific knowledge, it is currently postulated that the Earth has an estimated age of:
Which of the following cell organelles is known as suicide bag?
Who won the Bharat Ratna in 2024 (posthumously)?
