Closing inventory in trial balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2011
Hi All,
Closing inventory has to be included in trial balance?
Closing inventory has to be included in trial balance?
24 September 2011
Closing inventory will not be form part of Trial balance, since the same value included in purchase accounts so we cannot add second time the same
Message likes :
1 times
29 April 2012
Closing inventory never forms a part of the trial balance. only opening inventory forms a part of it.
Closing inventory is always taken as a adjusting entry,hence having two effects :
1) P& L a/c
2)balance sheet
Closing inventory is always taken as a adjusting entry,hence having two effects :
1) P& L a/c
2)balance sheet
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
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
