Classification of Opening Stock
This query is : Resolved
ChAnDrAsHeKaR
(Querist)
12 July 2010
Hello,
I have a client who trades in shares and we do all accounts in tally 7.2
My Query is, Take an Example.
Purchased 100 shares @ 50
Purchased 125 shares @ 100
Sold 75 shares @ 100
Closing Stock: Total 150 Clsg Stk 1) 25 @ 50
2)125 @ 100
Now How should i show these Cls Stk as opg Stk in Next Year so that when i sell these shares it should reflect in FIFO Method.
b'coz next year This same cls stk will been shown as opg stk in avg method.
AS i am unable to split Clsg stk at 25 & 125, I have to show it as total stk as 150 only,
So tell me how to Split opg stk at 25 and 125 Shares.
I have a client who trades in shares and we do all accounts in tally 7.2
My Query is, Take an Example.
Purchased 100 shares @ 50
Purchased 125 shares @ 100
Sold 75 shares @ 100
Closing Stock: Total 150 Clsg Stk 1) 25 @ 50
2)125 @ 100
Now How should i show these Cls Stk as opg Stk in Next Year so that when i sell these shares it should reflect in FIFO Method.
b'coz next year This same cls stk will been shown as opg stk in avg method.
AS i am unable to split Clsg stk at 25 & 125, I have to show it as total stk as 150 only,
So tell me how to Split opg stk at 25 and 125 Shares.
Akhil Agrawal
(Expert)
13 July 2010
Well i will give an idea... Try to make the Purchase as in Two slots & in stock Item make as 1 & 2. For eg Purchased TISCO 100 SHARES. MAKE THIS AS TISCO 1 & IN SECOND LOT OF PURCHASE MAKE IT AS TISCO 2. WHEN U SELL THESE MAKE IT AGAINST 1 & 2 BY USING FIFO METHOD.
TRY THIS IN TALLY.. I HOPE U WILL SUCCEED
TRY THIS IN TALLY.. I HOPE U WILL SUCCEED
CA Ghanshyam Joshi
(Expert)
13 July 2010
Which version of Tally are you using?
If it is 6.3 or higher then you can activate Inventory Accounting and create 2 separate stock.
If it is 6.3 or higher then you can activate Inventory Accounting and create 2 separate stock.
ChAnDrAsHeKaR
(Querist)
13 July 2010
Thanks Akhil Sir and Joshi Sir , I Understod the method
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
