Hi Members
Hope everyone had a great Diwali.
My question is on Closing Stock.
How do we arrive at the Closing Stock value at the end of the year.
As far as I understand,
Case 1 We maintaining Accounts with Inventory in Tally
Reconcile the stock actually lying in godown by counting it with the closing stock showing in Tally.
Case 2 We maintaining Accounts Only in Tally
Count the stock actually lying in godown by counting it and then putting it manually in Tally by altering the stock ledger account.
Am I right?
Question 2
What is that funda all about that if closing stock is given in Trial Balance then do this and if given outside Trial Balance then do this.
Never able to get this since class 11th ! ! !
Regards
Shivani
CAclubindia
