Trial balance
UMANG SHAHI (student) (98 Points)
15 December 2013
why opening stock does not come in trial balance when the cost of good sold is given???
plz explain.
UMANG SHAHI (student) (98 Points)
15 December 2013
abhishek
(student)
(37 Points)
Replied 15 December 2013
Hojefa
(Ca final)
(178 Points)
Replied 16 December 2013
Dear,
opening stck suggest previous year cls stk, hence as per genrl accepted acc principl
for sale of goods we use fifo method so open stk goods has been alrady sold or say consumed
hence Cost of goods sold = Opn +purch- cls stk , its shows that opn stk alrady consumed/sold ,while deducting of cls stk suggst its still not used for sale. So, COGS givn in t.b means all these 3 things came, therefore clos stk now will show in balance sheet asset side.its shows 2 effect that is one alrady in COGS & Asset side.hope this will help u.
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
UMANG SHAHI
(student)
(98 Points)
Replied 16 December 2013
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
Ramesha.M
(Accountant)
(800 Points)
Replied 16 December 2013
Ramesha.M
(Accountant)
(800 Points)
Replied 16 December 2013
Santosh Shetty
(IPCC, Asst Manager)
(200 Points)
Replied 16 December 2013
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 17 December 2013
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Originally posted by : 
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