ACCOUNTS
(Guest)
HOW TO VALUE THE CLOSING STOCK
3 Replies
Mani VGS
(Teacher)
(729 Points)
Replied 24 May 2009
closing stock should be valued at Cost or NRV whichever is lower
Ankit Madhogarhia
(Pursuing Final)
(531 Points)
Replied 24 May 2009
As per AS-2,closing stock should be valued as per cost price or market price whichever is lower.one should not value the closing according to his wish.
Mani VGS
(Teacher)
(729 Points)
Replied 24 May 2009
Dear Ankit, Kindly make a small correction. Comparison should be made between cost and NRV and not cost and market price. The use of the word NRV will be appropriate. Because as per AS 2, NRV means: Estimated Selling Price (-) Estimated Cost of completion (-) Estimated costs to make sale
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