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InterviewSolution
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What Do You Mean By Valuation Of Unsold Stock In Accounting For Consignment Of Goods? |
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Answer» The stock lying in the hands of CONSIGNEE at the end of accounting year is valued at cost or MARKET price whichever is less. The cost of UNSOLD stock or closing stock should be valued at cost to the consignor plus PROPORTIONAL non- recurring expenses incurred by the consignor and consignee. The stock lying in the hands of consignee at the end of accounting year is valued at cost or market price whichever is less. The cost of unsold stock or closing stock should be valued at cost to the consignor plus proportional non- recurring expenses incurred by the consignor and consignee. |
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