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