Cost of goods sold

This query is : Resolved

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)
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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

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