Trial balance
UMANG SHAHI (student) (98 Points)
15 December 2013
why opening stock does not come in trial balance when the cost of good sold is given???
plz explain.
16 Replies
abhishek
(student)
(37 Points)
Replied 15 December 2013
Because COGS=op.stock+purchases-cl.stock and therefore it gets combined in it. And does not come in trial bal.
Hojefa
(Ca final)
(178 Points)
Replied 16 December 2013
Dear,
opening stck suggest previous year cls stk, hence as per genrl accepted acc principl
for sale of goods we use fifo method so open stk goods has been alrady sold or say consumed
hence Cost of goods sold = Opn +purch- cls stk , its shows that opn stk alrady consumed/sold ,while deducting of cls stk suggst its still not used for sale. So, COGS givn in t.b means all these 3 things came, therefore clos stk now will show in balance sheet asset side.its shows 2 effect that is one alrady in COGS & Asset side.hope this will help u.
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
closing stock are shown in trial balance when given adjusting purchase
UMANG SHAHI
(student)
(98 Points)
Replied 16 December 2013
Thanku so much hojefa for this explanation..really helped alot.
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
agr adjusting purchase given ho to closing stock ka kya treatment hoga
Originally posted by : 
sunny
(Delhi)
(30 Points)
Replied 16 December 2013
in tally inputs vat & output vat are shown in which head
Ramesha.M
(Accountant)
(800 Points)
Replied 16 December 2013
Dear sir
You show input and output vat under duties & taxes.
Ramesha.M
(Accountant)
(800 Points)
Replied 16 December 2013
Dear sir
You show under duties and taxes
Santosh Shetty
(IPCC, Asst Manager)
(200 Points)
Replied 16 December 2013
Duties & Taxes under current liabilities
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 17 December 2013
In Tally, input & output VAT are shown under group of 'Duties & Taxes'. From this group, select 'VAT' as type of duty and select 'Duty on sales' as basis of calculation.
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