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.
What is the full form of the term LIBOR as used in financial/banking sector?
Which of the following statements is FALSE about the function of a commercial bank
RBI was initially constituted to ___________.
Match the following:
A) Bank Rate P) Minimum interest rate bank is allowed to charge
B) Base Rate Q) Price of a ...
The European country which is the guarantor of Bank of Central African States is
eVIN stands for?
The Headquarter of Bhartiya Mahila Bank (BMB) is situated at
Under which scheme, a saving account can be opened in the name of girl child and deposits can be made for 14 years and the girl is allowed to withdraw 5...
Which of the following organizations associated with investigations in an act of Money laundering ?
A shopkeeper allows a discount of 20% on a product and incurs a loss of 15%. If the difference between the discount given and the loss is Rs. 220, find ...
