How do we value consumable farm stores
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Answer:
Expense items such as stationery, packing material, etc. may have been purchased during the year to be used in the business activities. ... These expense items can be regarded as a consumable store on hand if it is physically counted at the end of the financial year. Consumable stores on hand are an asset for the business
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Consumables are goods used by individuals and businesses that must be replaced regularly because they wear out or are used up. They can also be defined as the components of an end product that is used up or permanently altered in the process of manufacturing such as semiconductor wafers and basic chemicals.Expense items such as stationery, packing material, etc. may have been purchased during the year to be used in the business activities. ... These expense items can be regarded as a consumable store on hand if it is physically counted at the end of the financial year. Consumable stores on hand are an asset for the business
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