Explain Valuation Of Receipts?

1.	Explain Valuation Of Receipts?
Answer» Valuation of receipts is the price billed in the invoices by the supplier. Following points should be kept in mind for this purpose: The TRADE discount is deducted from the basic price and all other amounts as billed by the supplier are added, LIKE excise duty, SALES tax, octroi duty, etc. Joint costs may be distributed on the basis of the basic price of the material. In case of imported material, the cost of the material CONSISTS of a basic price, customs duty, clearing charges, transport chares, etc. Valuation of receipts is the price billed in the invoices by the supplier. Following points should be kept in mind for this purpose:

Answer»

Valuation of receipts is the price billed in the invoices by the supplier. Following points should be kept in mind for this purpose:

The TRADE discount is deducted from the basic price and all other amounts as billed by the supplier are added, LIKE excise duty, SALES tax, octroi duty, etc.
Joint costs may be distributed on the basis of the basic price of the material.
In case of imported material, the cost of the material CONSISTS of a basic price, customs duty, clearing charges, transport chares, etc.

Valuation of receipts is the price billed in the invoices by the supplier. Following points should be kept in mind for this purpose:

Discussion