Closing Stock
This query is : Resolved
Chirag Chordia
(Querist)
15 June 2009
why we do not record closing stock in the Trial Balance???
Vipul J. Bhavsar
(Expert)
15 June 2009
Every item appearing in the Trial Balance has only one posting effect in the Profit & Loss Account or in the Balance sheet. But incase of closing stock the effect is needed to be given in both i.e. Profit &n Loss account and Balance sheet. That's the reason because of which closing stock is not stated in Trial Balance.
CA Nitin Wadhwani
(Expert)
15 June 2009
The items appearing are those for journal entry in the books of prime entry has been recorded.
No entry is passed usually for the closing stock.
If you want, you can show it in the trial balance.
No entry is passed usually for the closing stock.
If you want, you can show it in the trial balance.
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