Closing stock in balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2011
Dear sir /maa'm
I saw a balance sheet's closing stock schedue, where it was showing the following items,
1.Raw Material
2.Consumables stock
3.WIP Stock
4.Finised goods
it was a total of 4 items, but at profit and loss account it was considereing only finish goods as closing stock, and the other items were covered under consumption.
My Question is why they are showing all 4 items under the schedule and not showing the same at P/L A/c, where only finish goods is taken as closing stock ?
I saw a balance sheet's closing stock schedue, where it was showing the following items,
1.Raw Material
2.Consumables stock
3.WIP Stock
4.Finised goods
it was a total of 4 items, but at profit and loss account it was considereing only finish goods as closing stock, and the other items were covered under consumption.
My Question is why they are showing all 4 items under the schedule and not showing the same at P/L A/c, where only finish goods is taken as closing stock ?
11 August 2011
1/2/3 is configurated as direct expenses in your accounting software.
11 August 2011
1.Raw Material - Only consumption is to be shown and the amount of consumption is added to the cost of production therefore it is not appearing in Profit & Loss A/c
2.Consumables stock - Only consumption is to be shown and the amount of consumption is added to the cost of production therefore it is not appearing in Profit & Loss A/c
3.WIP Stock - Only consumption is to be shown and the amount of consumption is added to the cost of production therefore it is not appearing in Profit & Loss A/c
4.Finised goods - As finished goods are traded the same is shown as opening as well as closing stock. Moreover it contains the component of E.D.
2.Consumables stock - Only consumption is to be shown and the amount of consumption is added to the cost of production therefore it is not appearing in Profit & Loss A/c
3.WIP Stock - Only consumption is to be shown and the amount of consumption is added to the cost of production therefore it is not appearing in Profit & Loss A/c
4.Finised goods - As finished goods are traded the same is shown as opening as well as closing stock. Moreover it contains the component of E.D.
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