Maharashtra State BoardHSC Arts 12th Board Exam
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Answer in One Sentence Only. What is Closing Stock? - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only.
What is closing stock?

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Solution

The goods which remain unsold at the end of the financial year are known as closing stock. It is valued at cost price or market price, whichever is less. It includes closing stock of raw-material, semi-finished goods and that of finished goods.

Concept: Effects of Adjustments-Closing Stock
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