mr.sumit owner of a electronic shop has closing stock at a cost Rs .500000 whose market value (realisable value Rs .400000 )sumit recorded stock at cost of 500000
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As per AS 2 Closing stock are valued at lower of cost of Net realizable value.
In this question Cost is ₹ 5,00,000 and NRV is 4,00,000 . Closing stock is to be valued at ₹ 4,00,000.
(Conservatism Principle of Accounting)
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