Skip to content
Studycaller

CA Inter doubt

Finished Goods costing worth Rs. 10 lakhs were damaged due to floods in July, 2020. These goods were included in the Closing Stock as on 31st March 2021, at an estimated Realizable Value of Rs. 4 Lakh

Asked by Deshh10 May 2026786 views

1 answer

  1. Samik · 12 May 2026

    No the treatment is not correct because it's merely a change in accounting estimate but not a prior period item

Answer or ask in the appGet a CA mentor

Free app · 5 lakh+ learners

Ask your doubt in the Studycaller app

Read full notes, ask doubts, follow toppers and track your study hours — free on Android and iPhone.

Get it onGoogle PlayDownload on theApp Store