Rules of As 2
MPR Sanjay Kumar (3118 Points)
04 October 2021
🌟.... how to find out the closing inventory of valuation and opening inventory of valuation as per accounting standards 2
1 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 04 October 2021
Finished goods are first valued in two ways
1. cost
2. Market value or NRV
if cost value is lower, this value is taken to the balance sheet
if market value is lower, then market value is taken to the balance sheet
Finally, the closing balance becomes the opening balance
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