closing stock valuation
This query is : Resolved
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
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
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.
03 December 2008
if closing stock is adjusted with purchase than it will be part of trial balance otherwise not
03 December 2008
Agree with Amit.
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)
Stock-in-hand A/c Dr (Current Asset)
To Closing Stock (Cr to Trading A/c)
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- GST Rate for Catering Services
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ITDS U/S.194T of Firm
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
