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Value Closing Stock at market price

CA Vandana Vaishampayan (C. A.) (91 Points)

06 March 2009

Hello

I am using Tally 7.2 and maintaing quantitative details of stock items ( maintaing account with inventory). Now my problem is that how to change closing stock valuation to market price on 31st march. To clarify this I will give one example.

Purchae Item 'A' - Quantity 100 , Rate Rs. 10/- per piece. , Total Purchase Price Rs. 1000/-.

Tally shows closing stock value on 31st march as Rs. 1000/-. but on 31st march market price was only Rs. 9/- per piece. Method of stock valuation followed is 'Cost or Market Price whichever is lower'. How to reflect it in Tally. How to change closing stock value in Tally. I know how to chamge Opening Stock Value but not closing stock value.

Plese help me.

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12 Replies

Pratik K (Student) (3406 Points)
Replied 06 March 2009

it depends on the nature how you treated to stocks

whether kept as Invetsments,stock in trade,short term long term,etc

I will read AS for Inventories again and let you know exactly

tell me if you get answer about that

Pratik K (Student) (3406 Points)
Replied 06 March 2009

it depends on the nature how you treated to stocks

whether kept as Invetsments,stock in trade,short term long term,etc

I will read AS for Inventories again and let you know exactly

tell me if you get answer about that

GaUrAv (C.A. and MOS) (574 Points)
Replied 06 March 2009

Why dont you pass a Journal Entry

P & L A/c...........................................................Dr. 1000
To Stock A/c 1000

(BY 1 Rs. multiply by 100 qts.)

But that is for tally only dont try this newhere else.

Ramu P (Owner) (38 Points)
Replied 29 August 2009

Please You Are Upgrade To 7.2 To Tally9

Manoj Garg (Support on Tally Excel Password Recovery etc.) (1978 Points)
Replied 01 September 2009

For this type of problem you can use the feature of standard price. After entering the standard price you go to stock summary-> press alt + a -> select method of valuation to standard price.

(Guest)

GO TO PROFIT AND LOSS ACCOUNTAND DO F7 AND THEN SELECT THE METTHOD OF VALUING CLOSING STOCK

PRADEEP SOLANKI (accountant) (25 Points)
Replied 30 August 2010

i wnat to know that how to make change and save in method of valuing stock.

A J (Proprietor) (22 Points)
Replied 08 September 2010

Originally posted by : KUNDAN SINGH
	GO TO PROFIT AND LOSS ACCOUNTAND DO F7 AND THEN SELECT THE METTHOD OF VALUING CLOSING STOCK

Thanks for your answer.

I have tried by F7 and it works, but the change is temporary.

Kindly let me know how to make the change permanent.

Thanks in anticipation.

CA Ajay Bansal (practice) (59 Points)
Replied 27 February 2012

HARISH VANAYE (Accountant) (232 Points)
Replied 26 April 2012

I want FIFO mathod & Weighted Average Mathod format in excel sheet.

Please help me someone.

CA Harish Negi (Never Say Die) (860 Points)
Replied 23 February 2013

Go to Stock Item, Then Alter, then change method of valuation.

MANTESH BANGALORE (Accountant) (39 Points)
Replied 15 March 2013

As if now aslo in Tally ERP 9 3.7 aslo their is no Option to set Market Price ... if you wants You can select last sale Price Method in the Stock altration screen