usually while preparing trading account it consists opening stock closing stock sales and purchases and some direct expenses and direct incomes..
My query : As per final accounts rules
1. it is must to show the closing stock balances is more than opening stock.?
2. purchases balance value must reduce compared to the sales balance value?
3. gross profit balance figure must increase compared to the sales value
it is mandatory as per rules could you please explain me if there is any details are not given by clients
only having net profit and sales information
plse explain me
2 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 25 January 2023
1. No. Closing stock value must be shown more than purchases.
2. No. Purchases has no interest with anything in the operations apart from setting off itself with closing stock.
3. No. Gross margins vary due to operating costs and impairment
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