18 December 2009
hi, this is sai i would like know that can we tally a trail balance with out closing stock if yes please can you explian the way to do it..........
18 December 2009
Closing stock is not part of trial balance. Opening stock forms part of trial balance. Closing stock is added in Trading account and the asset side of balance sheet, thereby making the debit and credit equal
06 July 2011
Today, we have a lot of sophisticated Accounting packages which generate the trail balance consisting consumption value (Opening Stock+purchases-Closing Stock. If we talk about Trial Balance what we learnt during our Graduation days and generated by less sophisticated accounting packages, closing stock is not the part of Trial Balance (TB). TB consist the figure of Opening Stock & Purchases among others and by virtue of Debit & Credit TB will be talied. However if u want to include Closing Stock in TB, a JV can be passed Dr.Closing Stock & Cr. Purchases. by this entry Purchase will be reduced by the value of Closing Stock & closing Stock will be the item of Balance Sheet.
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