Final accounts
Querist : Anonymous
Closing Stock is also a Closing Balance of Inventory account if maintain in accounting term.
To get Closing Stock Cost of Goods Sold / Consumed is required.
In TB We have the opening balance, purchase account and abnormal loss of stock.
Cost of Goods Sold / Consumed is not ascertained by accounting entries instead of the value of closing stock is the driven factor of cost of goods sold / consumed.
Valuation of Closing stock is based on assumption of its expected value of recovery if sold.
Due to these two facts closing stock is represented as adjustment.
Querist : Anonymous
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