Closing Stock is Valued at 'COST Price' or 'MARKET Price' whichever is LESS... why ?
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Stock valuation
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Paragraph 5-measurement of inventories.
The valuation of inventory at lower of cost and net realisable value is based on the view that "no asset should be carried at a value which is in excess of the value realisable by its sale or use"
Accounting policy-"prudence" is applied here..
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