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How is closing stock is valued at the end of the accounting
year?

Question Posted / sanish k.s

Answers were Sorted based on User's Feedback



How is closing stock is valued at the end of the accounting year?..

Answer / ameet narayankhedkar

Valuation of closing stock requires consideration of Income
Tax, Cenvat, Accounting Standards and Company Law. Stock
should be valued at cost or market value, whichever is
lower, as it is a prudent business practice.

Is This Answer Correct ?    7 Yes 4 No

How is closing stock is valued at the end of the accounting year?..

Answer / vivek g krishnan

As Per AS-2, Inventories are Valued at lower of " Cost and NRV".
Don't confuse with Cost or NRV. Because AS specifically states the word "and".

Is This Answer Correct ?    0 Yes 0 No

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