Stock

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2014 Hii pls advice

Relating to the accounts of a retail trading there's a difference in system stock and physical stock as on 31-3-2014.Now i want the physical stock to be take into books of account from 1-4-2014..how to bring this change into accounts???What is the entry to be passed.???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 November 2014 If you are using Tally then you can upload the inventory.

Go to Inventory Vouchers. Press Alt+F10: Phys Stk.

Enter the name of the item, godown & quantity.

Ensure that in inventory item master, ignore diff due to physical counting is set to "No".

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2014 But i am confused with one point..On 31-3-2014 we have one amount as closing stock..if on 1-4-2014 we change that figure in order to match with physical stock then how it will have effect on books of account..How books get tallied???

Upgrade to CAclubindia Pro. Subscribe Now!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 November 2014 1. You should pass the entry on 31/03/2014 & NOT on 01/04/2014.

The closing stock should be taken at actual.

2. Further if you want to pass entry on 01/04/2014 then carry forward the closing stock. Pass the physical stock voucher on 01/04/2014. Your opening stock will match with closing stock. The adjustment will be shown as outward in the stock item.

For eg. stock as on 31/03/2014 is 2000 nos.

Opening balance as on 01/04/2014 will also be 2000 nos.

Then pass the entry to record 1800 nos

Impact will be as under:

Opening Stock on 01/04/2014 - 2000 nos
Outward on 01/04/2014 - 200 nos
Closing balance on 01/04/2014 - 1800 nos

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 November 2014 If you feel that I have answered your query satisfactorily then please nominate me for Most Effective Expert.

Message likes : 1 times