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MCQ · 2 marks · −0.25
As per AS 2, inventories are valued at:
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Corporate and Other Laws · Descriptive
State any four conditions a company must comply with under Section 73(2) of the Companies Act, 2013 before accepting deposits from its members.
Your answer
The company must issue a circular to its members showing its financial position, and file it with the Registrar. It also has to certify that it has not defaulted in repaying any earlier deposits.
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Corporate and Other Laws · Descriptive
State any four conditions a company must comply with under Section 73(2) of the Companies Act, 2013 before accepting deposits from its members.
Your answer
The company must issue a circular to its members showing its financial position, and file it with the Registrar. It also has to certify that it has not defaulted in repaying any earlier deposits.
What you got right
What you missed
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CA Inter — Advanced Accounting
Uploaded paper · 38 questions transcribed
Sunrise Ltd. holds 12,000 units of inventory purchased at ₹35 each. At year end the market has fallen and each unit can be sold for ₹32, after selling costs of ₹1.50 per unit…
(a) Compute the value of closing inventory as per AS 2.
(b) State the accounting treatment of the resulting write-down.
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Reading: Accounting — AS 2 Inventories.pdf
Why does AS 2 use net realisable value instead of market price?
Because NRV is what thisenterprise will actually realise in the ordinary course of business — the estimated selling price less the costs still needed to complete and sell the item. Market price ignores both. Your notes make the same point under “Measurement”: inventory should never be carried above the amount expected to be recovered from it.
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Due today
Cost formulas permitted under AS 2
Got it wrong
Definition of net realisable value
Correct ×2
Items excluded from cost of inventory
Correct ×4
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