Accounting enteries for inventory stock in trade
This query is : Resolved
14 October 2023
Whatever the purchase made during the year for stock in trade will be shown as expense. Now to pass the closing balance journal entry for inventory account which account need to be credited.
14 October 2023
stock in hand - XXXX
To, Expense A/c - XXXX
(from Expenses (which is already accounted) to transfer Stock Item)
14 October 2023
If this entry will be passed then it will not represent purchase made during the year but rather cost of stock in trade consumed. Moreover the change in inventory of stock in trade(p&l)will also have no significance left.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
