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
Click here to login now
Similar Resolved Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
