as per Accounting and finance concept whatever ends having closing balance that is the opening balance of next year it's very clear for me...
... for an example if I am having opening stock rupees 10 lakh my purchases is 3 lakh and my sales is 4 lakh so the closing stock will be 9 lakh this is correct assumption
some people's making Trading account closing stock is more than opening stock.. this is correct manner???
could you please guide me the opening stock closing stock as per Accounting how we should have to show in final accounts
Closing stock= Opening stock- sales+Purchases
Hence, Closing stock=10lakh-4lakh+3lakh
Closing stock=9 lakhs.
CAclubindia
