Inventory accounting
This query is : Resolved
13 December 2013
Till last year, we were treating all the purchases as expenses, and no inventories were identified.
From this year, we are planning to introduce inventory (opening and closing).
How can I do it (Opening and Closing)
What are the entries to be passed?
Is there any reversal required in the next year?
Last year's accounts are finalised and signed, no inventory is provided in books and statements. But actual physical inventory is there. I know, this is a wrong treatment.
Pls advise.
Thanks in advance
From this year, we are planning to introduce inventory (opening and closing).
How can I do it (Opening and Closing)
What are the entries to be passed?
Is there any reversal required in the next year?
Last year's accounts are finalised and signed, no inventory is provided in books and statements. But actual physical inventory is there. I know, this is a wrong treatment.
Pls advise.
Thanks in advance
13 December 2013
you can start closing stock from current year
13 December 2013
If I want to add Opening stock from this year, how can I do it
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