closing stock valuation

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sriram (Querist)
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02 December 2008 HI

Whether the closing stock will be shown only outside the trail balance or it will appear inside the trail balance if the closing stock will appear in both the places then please tell me the situation and also whether we are passing any entry for closing stock

Jitender

Jitender (Expert)
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02 December 2008 closing stock does not come under trial balance.

sriram

sriram (Querist)
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03 December 2008 Hi

any further advice on this topic

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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03 December 2008 In case the entry for closing stock has been passed then the same will appear in the Trial Balance. On the other hand, the closing stock if adjusted in the trading account compiled from the gross figures of sales and purchases or goods manufactured then the same will not appear in the trial balance which is prepared before the trading account is compiled and C.stock is adjusted in books.

CA. Amit Daga

CA. Amit Daga (Expert)
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03 December 2008 if closing stock is adjusted with purchase than it will be part of trial balance otherwise not

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2008 Agree with Amit.

CA Debasish Banerjee

CA Debasish Banerjee (Expert)
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03 December 2008 The Journal Entry you can pass

Stock-in-hand A/c Dr (Current Asset)
To Closing Stock (Cr to Trading A/c)

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