Closing stock
This query is : Resolved
08 May 2015
Closing stock is real account then why it is coming in trading account ????
27 May 2015
Closing stock is recorded in the books by passing the following entry:
Closing stock a/c Dr.
To Trading a/c
What you see in the trading account is the posting of the of this entry on the credit side of that account. The debit effect gets posted to the debit side of Closing stock account which is a real account or an asset. This account has a debit balance and is shown in the balance sheet.
Closing stock a/c Dr.
To Trading a/c
What you see in the trading account is the posting of the of this entry on the credit side of that account. The debit effect gets posted to the debit side of Closing stock account which is a real account or an asset. This account has a debit balance and is shown in the balance sheet.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
