X Ltd. has 5,000 AC in stock on 31st March, 2019. The cost of each AC amount to ₹10,000. There is firm commitment of sale of 1,000 AC by the company in April, 2019 @ ₹15,000 per AC. However, the general price of this AC
CS Executive · Corporate and Management Accounting · PYQS · December 2020
X Ltd. has 5,000 AC in stock on 31st March, 2019. The cost of each AC amount to ₹10,000. There is firm commitment of sale of 1,000 AC by the company in April, 2019 @ ₹15,000 per AC. However, the general price of this AC at year end amounts to ₹9,500 per AC. Calculate the Value of Closing Stock as per AS-2.
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Financial Accounting
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