Can any one explain complete mapping for stock ....during sale / purchase
Stock ledgers mapping
Srinivas (Others) (28 Points)
05 November 2014Srinivas (Others) (28 Points)
05 November 2014Can any one explain complete mapping for stock ....during sale / purchase
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 12 November 2014
Closing stock will effect after purchases and sales of goods. Opening stock + Purchases - purchase returns - Sales + sales returns = closing stock.
Present year closing stock becomes opening stock of next year.
closing stock is an adjustable entry so no account appears in trial balance.
stock calculations normally on lower prices or average prices.but not market price. that is why it cannot appear in the trial balance.
for stock calculations there are 3 methods. follow cost accounting rules.
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