GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Closing stock is valued at
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Cost or market price whichever is lower
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Market value
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Cost
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None of the above
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Explanation:
Detailed explanation-1: -Answer: True. Q. In trading account, closing stock is shown at cost price or net realizable price whichever is lower.
Detailed explanation-2: -Consignment Stock is valued at Cost of Net Realisable value, whichever is higher.
There is 1 question to complete.