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1.Accounting Standards – 2Valuation Of Inventories2. Objective of Accounting StandardsThe basic objective of accounting standards is to remove variations in the treatment…
1. Illustration 1: Devan and Hemang are partners of a Partnership firm sharing a profitin the proportion of 3:2. From the under noted trial balance and adjustments as on31-03-2005,…
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Slide 1 Slide 2 A primary issue in accounting for inventories is the determination of the value at which inventories are carried in the financial statements. Slide 3 Inventory…