Valuation of closing stock in insurance claims
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2012
In case of Insurance on stock, and the closing stock contains abnormal goods which is exepected to realize less than its cost, then whether such stock should be valued at its cost or reduce its value as expected realization value?(which is less than cost) as per conservatism concept.or stock is always valued at cost only.
CA CS PRASHANT
(Expert)
07 January 2012
As per AS-2 cost or NRV w.e is less.
they are is second view on the above.
they are is second view on the above.
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