Question

During the year the company purchased ballpoint pens of Rs. 500. These were issued to
employees and were still in use at the end of year. Which accounting concept you would like to
explain that it will be record or not.
Why Closing stock is valued at cost price or realizable value whichever is less?
19 on you mean by fan​

Answer 1

Answer:

AS 2 requires closing inventory to be valued at lower of cost or NRV.