Valuation of closing stock

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Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2010 I have to finalize accounts of a company.what is the procedure for valuation of stock?
I knw we have to valuate closing stock as on 31.03.10 (on cost or market price, whichever is less)but who will evaluate the market price? what will be the supporting documents for the same?

Pl. explain !

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 July 2010 It is not a mareket price, it is net realisable value which means, selling price in the normal course of business less cost of making such sale. so identify the selling price in normal course of business

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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05 July 2010 Take the march bills of last week and take that price as market price the assessee gets (gross) that will be treated as market price.

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