Question

Q.2) In the books of X Ltd. Value
of closing stock was Rs.10000.
The market value of Stock at
year-end was Rs.15000.
Accountant of the company
while preparing final accounts
of the company recorded
closing stock at Rs.15000.
Which of the accounting
concept gets violated here.​

Answer 1

Answer:

prudence concept.

Explanation:

Because it's under the prudence concept That we have to take minor cost of stock at the end of the financial year.