Practicing Success
Closing stock appears under which of the following financial statements? |
Balance Sheet Profit and Loss A/c Both 1 and 2 Neither 1 nor 2 |
Balance Sheet |
As per IAS 2, the Closing stock is valued at cost or market value whichever is lower. The value of closing stock is shown on the credit side of a Trading Account and the asset side of a Balance Sheet. The stock is current asset of the company. |