Question:
We are a jewellery business and want to limit this years profits ( legally) Historic Cost price is easy to find but net realisable value. We would like to use scrap value for silver goods in stock more than 1 year. Would this be all right as we have new auditors this year.
Answer:
There is a great website for this: www. accounting.com.
There are actual accountants in the forums that can answer your questions.
k i don't know about realisable? but to find out the net profit just mins the purchases and overheads (rent, bills).
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