is opening stock shown in trial balance?
8 Replies
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 02 January 2019
opening stock would appear on the debit side of the trial balance.this opening stock is the previous years closing stock.
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 02 January 2019
Closing stock is the leftover balance out of goods which were purchased during an accounting period. Total purchases are already included in the trial balance, Hence closing stock should not be included in the trial balance again. If it is included, the effect will be doubled.
Giridhar S Karandikar
(Team Lead)
(7553 Points)
Replied 02 January 2019
dear how will your tb match if closing stock is not shown in the tb.
Prakash Gehani
(Consultant & Teacher(Whatsapp 8718057907)
(1306 Points)
Replied 02 January 2019
Agreed with aman kumar
Ravi Singh
(student)
(23 Points)
Replied 05 January 2019
agree with above... and closing stock show in adjustment.
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8613 Points)
Replied 05 January 2019
On accounting year ending the closing stock will be calculated on the basis of physical stock on hand and incorporated as adjustment entry.
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