Question

What information should be provided in the profit and loss account by way of a note regarding the value of imports?

a.

Only the total value of all imported goods.

b.

Separately for raw materials, components and spare parts, and capital goods.

c.

Only for raw materials.

d.

Only for capital goods.

Answer: (b).Separately for raw materials, components and spare parts, and capital goods. Explanation:The profit and loss account should provide, by way of a note, the value of imports separately for raw materials, components and spare parts, and capital goods.

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Q. What information should be provided in the profit and loss account by way of a note regarding the value of imports?

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