Closing stock is not tb???
This query is : Resolved
Amol S Joglekar
(Expert)
28 March 2016
Goods account as is formulated in the initial stages of accountancy (say 11th std....PUC as is called in the southern part of India) takes care of purchases and sales. (In the subsequent years, we do formulate Purchase account & Sales acount separately) So to say, till finalisation, there arises no need to make any ADJUSTMENT entries.
Adjustment entries do NOT find any room in trial balance so is true for the CLOSING STOCK.
However, please note, in computer environment (say Tally software)..... one can get the adjustment entries POSTED on 31st Mar and then get the trial balance.... obviously with Stock as well)
At the time of finalisation, the need for ADJUSTMENT entries creep in e.g. paid in advance (pre paids), received in advance (pre receipts), paid in arrears, received in arreas etc.
Adjustment entries do NOT find any room in trial balance so is true for the CLOSING STOCK.
However, please note, in computer environment (say Tally software)..... one can get the adjustment entries POSTED on 31st Mar and then get the trial balance.... obviously with Stock as well)
At the time of finalisation, the need for ADJUSTMENT entries creep in e.g. paid in advance (pre paids), received in advance (pre receipts), paid in arrears, received in arreas etc.
Message likes :
1 times
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
- EPF ECR NEW FILE SEP 17TH 2026
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Capitalgain tax purposes for valuation report compulsory
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- 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
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
