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This query is : Resolved
Shivam Thukral
(Querist)
09 June 2017
Why closing stock is not included in the trial balance ?
CA Rashmi Gandhi
(Expert)
09 June 2017
because valuation of stock is not a transaction. & entry already passed on purchasing of such goods.
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KAVIRAJA ADDANGADI
(Expert)
09 June 2017
Closing Stock Value based on stock. Closing stock can be ascertained with physical count of inventory includes, raw materials, WIP and finished goods to be valued either at cost or market/ realisable value whichever is less.
Management should arrive Opening stock + Purchase Qty - sales Qty =closing stock Qty
Closing Stock is to be arrived on valuing Qty detail of stock so this is an adjustment entry valued only based on valuations of closing stock by physical verification.
Management should arrive Opening stock + Purchase Qty - sales Qty =closing stock Qty
Closing Stock is to be arrived on valuing Qty detail of stock so this is an adjustment entry valued only based on valuations of closing stock by physical verification.
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