Hello,
one comapny is trading share business. I have not determine closing stock of share..so which value consider at closing stock.. AS-2 and AS-13 not apply..So can I have taken at cost or Mkt.vlaue WEL or at cost OR Mkt Value..and also which method follow ?
As there is no accounting standard relating to shares held as stock, however, the both AS-2 and AS-13 says about valuation at lower of cost or net realisable value. So, you can follow them.
In income tax laws, ICDS 8 applies, which also says about the same treatment.
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