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Ravi Limited took over the stock in trade from Sh…

Ravi Limited took over the stock in trade from Shankar Limited after revaluing it at the fair marke…

Ravi Limited took over the stock in trade from Shankar Limited after revaluing it at the fair market value at Rs 7 lakhs (previously held by Shankar Limited at cost Rs 6 lakhs) when Ravi Ltd and Shankar Ltd amalgamated in to Ravi Limited.

If Ravi Ltd (amalgamated) sells this stock in trade for Rs 8 lakhs, the Cost of stock in trade shall be computed at Rs ___________?

0
Kanishka Apr. 07, 2020

Rs 6 lakhs, being the cost of the asset for Shankar Limited.

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