Question

please solve this question and give full explanation ​

Answer 1

Answer:

1.what is the value of closing stocks?

ans. Stock is always valued at “Cost or Net Realizable Value (NRV) whichever is lower. This the usual basis according to IAS 2. As far as formula is concern many formulas may be used to determine closing stock depending what information is available to use.

2. what is the value of net purchase?

ans.Net purchases is defined as the gross amount of purchases made, less deductions for purchase discounts, returns, and allowances.

Explanation:

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