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Closing stock and Opening stick entry

Kishore Nuthalapati (Accountant for multiple small entities) (171 Points)

22 June 2023

Hi Sir/Madam

Could some one please advise how to pass opening stock on 04.01.2022 and Closing stock on 31.03.2023 entries in Tally

Thanks in advance

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8 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5148 Points)
Replied 22 June 2023

Opening stock is usually forward from the previous year. So the opening stock account balance will be raised when opening stock is carried forward and hence it will credited. But trading account is debited because opening stock is taken out of trading account only while carrying forward to next year.

entries.

Opening stock:-

Trading account debit and opening stock credit in General Journal book

for cloing stock:-

closing stock debit and trading account is credit in General journal book of accounts

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Yasaswi Gomes new (Finance ) (4514 Points)
Replied 22 June 2023

I haven't finalised yet but I practised it. Your accounts will freeze by the years after finalisation. That means all things are carried forward and you do your business normally. Correct me if I'm wrong

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 22 June 2023

AS 10:24 A bearer plant is a self constructing asset included into PPE standard

AS 10:23 suggests all costs will be capitalised like an acquired asset not unless these assets will be sold in the future, and thus it becomes As2.

So it is capitalised!

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 23 June 2023

It's by default Opening and Closing Stock will appear in Tally Prime / ERP 9 , if you Create Stock Items in Inventory voucher / stock items/ create .

Sanjana Mohanty (100 Points)
Replied 23 June 2023

To pass the opening stock on 04.01.2022 and closing stock on 31.03.2023 entries in Tally:

Go to Inventory Vouchers.
Select Stock Journal.
Enter the date as 04.01.2022.
Debit the Closing Stock account and credit the Opening Stock account.
Save the entry.
Repeat the process for the closing stock entry on 31.03.2023.

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prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 23 June 2023

Last year closing stock will Current year Opening Stock. then same will be transferred to Trading account , however in tally the procedure will be as above .

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 24 June 2023

Even though if you pass entries as per @ Sanjana Mohanty as above , Opening Stock is going to appear on the Debit Side of Trading Account and Closing Stock credit Side of Trading Account .