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dinesh pawar (officer)     22 September 2021

Stock transfer Entry

dear all
we have to transfer closing stock to next financial year. we have to closed books. what will be journal entries for closing stock transfer. please help


 6 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     22 September 2021

Opening stock a/c

To Closing stock a/c

dinesh pawar

dinesh pawar (officer)     23 September 2021

Please explain entry..op stock & cl stock.. in next year
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     23 September 2021

By Opening stock a/c

By closing stock a/c

to cost of sales or trading a/c

this is when opening and closing stock left at the end otherwise

Closing stock a/c

WIP a/c

To trading a/c

 

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     23 September 2021

Another issue to discuss is your working capital interest charges. They are included into the finished goods because, interest is tax deductible. That is another tax accounting aspect 

dinesh pawar

dinesh pawar (officer)     23 September 2021

Ok thanks
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     23 September 2021

Sorry I have a typo error. I meant interest charges are NOT included into finished goods due to tax deductions. Nice day


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