Inventory accounting

This query is : Resolved

Biji (Querist)
Follow

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

Rupesh Jain

Rupesh Jain (Expert)
Follow

13 December 2013 you can start closing stock from current year

Biji

Biji (Querist)
Follow

13 December 2013 If I want to add Opening stock from this year, how can I do it

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aakash Kumar

Sivashankary Sivaramakrishnan

Sasidhar B

ASIM ATREY AND ASSOCIATES

SANJAY GOSALIA

Subscribe Now

Inventory accounting

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA