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.
CA. Amit Daga
(Expert)
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.
CA Debasish Banerjee
(Expert)
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)
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