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Valuation of Scrap

Accountancy

How is Scarp for a manufacturing entity is valued when the realisable value of scrap is material or immaterial ? Is it valued at NRV or is it valued at nil value ? Is it shown under inventory at realisable value ?

Abhishek Kumar Pandit

Abhishek Kumar Pandit

CA Final

★ 4K+

04-Dec-22 13:07

289

Answers (1)

Two choices - 1.Value at NRV and show as inventory 2.Reduce from cost of production

CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

05-Dec-22 17:10

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