A good question was raided by client today who is into retail furniture business. They would like to know how the valuation rate of all items can be changed to reflect the actual market value. Suppose an item was purchased at $100. But after few months the market value of the item has reduced to $ 80. Hence the item now needs to be revalued to $80/-. This needs to be done on the last day of fiscal year
Taking stock out and stock is a possibility but that is fine with few items. If items run in thousands then it a very difficult and not feasible. Any clues on how this can be achieved will help.