Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Cost of goods sold

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2013 Please help me as of 31/12/2012 the cost of good is 100000.00 cr.and the next year 01/01/2013 the opening balance is zero.
casn u explai n and advice me ow it will come.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

23 January 2013 Cost of Goods sold is the P&L items, P&L items like income & expenses cannot be carry forward to next financial year. only Balance sheet items Liabilities and Assets and personal accounts can be carry forward to next financial year. Cost of goods sold is the aggregation of cost involved for finished goods sold,so that is p&l item,hence cannot carry forward opening balance appearing as 0

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2013 HI RAMESH,

THANKS FOR THE HELP

REGARDS,EHTESHAM

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now