closing stock valuation
This query is : Resolved
02 December 2008
HI
Whether the closing stock will be shown only outside the trail balance or it will appear inside the trail balance if the closing stock will appear in both the places then please tell me the situation and also whether we are passing any entry for closing stock
Whether the closing stock will be shown only outside the trail balance or it will appear inside the trail balance if the closing stock will appear in both the places then please tell me the situation and also whether we are passing any entry for closing stock
03 December 2008
In case the entry for closing stock has been passed then the same will appear in the Trial Balance. On the other hand, the closing stock if adjusted in the trading account compiled from the gross figures of sales and purchases or goods manufactured then the same will not appear in the trial balance which is prepared before the trading account is compiled and C.stock is adjusted in books.
03 December 2008
if closing stock is adjusted with purchase than it will be part of trial balance otherwise not
03 December 2008
Agree with Amit.
03 December 2008
The Journal Entry you can pass
Stock-in-hand A/c Dr (Current Asset)
To Closing Stock (Cr to Trading A/c)
Stock-in-hand A/c Dr (Current Asset)
To Closing Stock (Cr to Trading A/c)
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
