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
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Stock transfer Entry
Replies (6)
Quick Summary
Opening stock a/c
To Closing stock a/c
Please explain entry..op stock & cl stock.. in next year
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
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
Ok thanks
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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