14 April 2013
Closing stock value shall be according to the Accounting standing 2 "Valuation of closing stock" as per this AS closing stock value shall be value at "cost or net relaisable value" which is lower.
02 June 2013
I agree with the expert but the closing stock should be valued in the same manner as was valued in the last year other wise this will be change in accounting policies.
CAclubindia
