System of accounting
This query is : Resolved
15 July 2014
if on the balance sheet date, valuation of stock is made AT COST.
DOES IT AMOUNTS TO BREACH OF MERCANTILE SYSTEM OF ACCOUNTING?
DOES AS-IT PROVIDES THAT VALUATION OF CLOSING STOCK MUST BE AT COST OR NET REALISABLE VALUE WHICH EVER IS LOWER?
DOES IT AMOUNTS TO BREACH OF MERCANTILE SYSTEM OF ACCOUNTING?
DOES AS-IT PROVIDES THAT VALUATION OF CLOSING STOCK MUST BE AT COST OR NET REALISABLE VALUE WHICH EVER IS LOWER?
15 July 2014
as per as -2 it should be like that.............
15 July 2014
yes, you have to valued at cost or NRV, which ever is lesser
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