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Stock item value

anu12783@gmail.com (14 Points)

28 November 2021

stock item value shows though stock item quantity became nil.

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7 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 29 November 2021

looks like an error in entry. please check again.

anu12783@gmail.com (14 Points)
Replied 01 December 2021

I was checked & amount of sold goods lesser than purchase rate in previous 3 years, so i can't make changes in last 3 financ. yrs. what can i do in this situation?

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 01 December 2021

This is a surprising scenario. Closing inventory sets off with purchases. Like I said, closing inventory must be more than purchases. But if closing inventory is not converted to finish goods, then you have to find out the current market price of inventory, if the inventory is overvalued, it must be subtracted from the closing inventory.

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 01 December 2021

Another issue , looks like you have it issues. Purchased 100 units for 1000₹ at 10₹ each

Sold 50 units for 500. Then if it is showing purchases as 1000₹, nothing wrong. If you sold all goods at a markup, it will show purchases amount is lower than 100 units. So check your entries.