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Sir, my son is running a business of Gold Ornaments for the last 25years and his annual sale is around 30lakh.At present stock in books is approximately 40lakh where as the stock weight value is more than the stock in books due to day by day increase of Gold Rates. So, how Dept. will be satisfied in case of need arises. Your valued advice is solicited 🙏
Replies (2)
Quick Summary
Closing stock is valued as per AS 2, i.e., NRV (Market price ) or COST which ever is lower .
we should not value gold (stock) @ market price
we should not value gold (stock) @ market price
Rajanikanth jee first of all thanks for giving attention to the query. please elaborate AS2 and
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