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Opening stock entry

Sunil Kumar Mallia (Accountant) (46 Points)

18 June 2018

Sir,

We have a stock of cement worth Rs 500000.00 in 31.03.18.

I made an entry :- Stock of cement Dr. Rs 500000

To Purchase of Cement GST 28% Rs 500000.00

So please suggest what should be opening entry on 01.04.18 in GST regime.

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 19 June 2018

Are you maintain Your account manually or any Software?

1 Like

Vinod Babu (24196 Points)
Replied 20 June 2018

Mr sunil sir... if your maintaining inventory in computer software, stock will be there. No need to give journal entry. . Else u have to give opening stock item wise manually.

1 Like

Eswaran Naveen (11 Points)
Replied 20 June 2018

The entry for opening stock should be similar to reversing the previous year closing stock.
the right entry is
Trading a/c Dr 500000
To opening stock a/c 500000

1 Like

Sunil Kumar Mallia (Accountant) (46 Points)
Replied 21 June 2018

@ RAJA PM SIR, I am using Tally erp 9

1 Like

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 21 June 2018

Originally posted by : Sunil Kumar Mallia
	@ RAJA PM SIR, I am using Tally erp 9

Then Why You prepare the Journal Entry at the time of Closing on 31/03/18...

On 31/03/2018 it's Your Closing Stock... It's also C/f to 01/04/2018 as Your Opening Stock...

No need any Journal Entry...

2 Like

Sunil Kumar Mallia (Accountant) (46 Points)
Replied 22 June 2018

@ Raja Pm sir, Actually I am working in a construction company and inventory not maintained in tally . So as per stock statement received from construction site ,closing stock entry made manually.So please suggest.