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Oct 19, 2012 at 02:07 AM

Material Valuation

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hi

Our client having 4 years old non moving material including raw materials & Consumables having 10 lakhs Rs valuation,(due to rusting of iron) Now we have to show this material is scrap , with scrap valuation .So if i used 551 movement is it correct process? & what will be the effect on accounting.Please suggest suitable solution so that i show that material as scrap in books of account .

Thanks In advance