Question

why closing stock is valued or marketprice which ever is less?What will be the accounting treatment of closing stock if it is given in adjustment while preparing Financial ststements

Answer 1

closing stock is valued at market price which ever less because every businessman wants to maximize profit in his personal account books and want to keep record as that can't be loss in future.
and if closing stock given in adjustment then it will put in firstly Trading account then put in balance sheets according their add or less adjustments.

I think it will beneficial. thanks